Economic Growth and Forecasts: June 2022

High Growth Continues in the Second Quarter

Ozan Bakış and Uğurcan Acar

In the light of fully-released April and partly-released May leading indicators, we expect GDP to expand by 5.6 percent on a year-on-year basis for the first quarter of 2022. According to seasonal and calendar-adjusted data, we forecast quarter-on-quarter GDP growth to be 0.9 percent.

The IMF has reduced its growth forecast for the Turkish economy in 2022 to 2.7 percent, while the World Bank and OECD have increased it to 2.3 percent and 3.7 percent, respectively.

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