Survey projects 1.1% growth for Turkish economy in Q3

ISTANBUL

Turkey's gross domestic product (GDP) is expected to grow by 1.1% in the third quarter of 2019, according to a survey on Friday.

Among a group of 13 economists surveyed by Anadolu Agency, growth expectations hovered between 0.2% and 1.9%.

The year-end growth rate was expected at 0.4%, with the highest forecast being 0.1% and the lowest negative 0.8%. The previous year-end forecast was 0%.

The Turkish economy, which started to narrow by the last quarter of 2018, posted 2.6% growth in 2018, while it narrowed by 2.4% and 1.5% during the first two quarters of 2019, respectively.

Several international institutions, such as World Bank, the IMF and the OECD, expect positive growth rate for Turkey in 2019 and following years.

Another Anadolu Agency survey showed that the annual inflation rate would drop to 10.97% in November, from 8.55% in October.

Economists also expect that the year-end inflation rate would be 11.99%, ranged between 10.70% and 12.52%. The previous estimate was 12.11%.

The Turkish Statistical Institute is to release GDP figures on Monday and inflation statistics on Tuesday next week.

*Writing by Gokhan Ergocun