Economic Growth and Forecasts: August 2022

High Growth in the Second Quarter

Ozan Bakış and Uğurcan Acar

In light of fully-released April, May, and June leading indicators, we expect GDP to expand by 6.2 percent on a year-on-year basis for the second quarter of 2022. According to seasonal and calendar-adjusted data, we forecast quarter-on-quarter GDP growth to be 1.1 percent.

The World Bank and OECD had increased their growth forecast for the Turkish economy in 2022 to 2.3 percent and 3.7 percent, respectively. The IMF has recently increased it to 4 percent from 2.7 percent.

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