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Fitch raises its forecast for Turkish economic growth to 10.5%

Turkish economic growth

Fitch Ratings has raised its forecast for the Turkish economic growth for the current year from 9.2% to 10.5%.

Turkey was affected in 2020, which saw the outbreak of the Coronavirus, and GDP increased by 1.8 percent, Fitch said.

Fitch expected the country’s economy to grow by 10.5% in 2021. This is instead of the 9.2% that the agency had expected last September.

Turkish economic growth

The agency also raised its forecast for the growth of the Turkish economy during the next year 2022 from 3.5% to 3.6%.

The agency maintained Turkey’s credit rating at “BB-“, and changed its outlook for the country from “stable” to “negative”.

The statement noted that Turkey’s economic growth is strong compared to its peers. But the country’s per capita income has been declining since 2013 in dollar terms.

Turkish exports last November recorded $21.5 billion, an increase of 33.4 percent year on year, according to Turkish Trade Minister Mehmet Muş.

The minister also indicated that Turkish exports increased in November by 33.4%, compared to the same month last year.

The Turkish minister indicated that the value of exports on an annual basis amounted to $221 billion. The first 11 months of this year recorded $203.1 billion.

He indicated that this number is much higher than the value of exports recorded in 2019, that is, the year before the outbreak of the Coronavirus pandemic.

Rising imports

Muş also noted that Turkey’s imports recorded a 26.7% increase last month compared to November 2020, with a value of 26.8 billion dollars. The increase since the beginning of the year amounted to 22.9%, with a value of 242.3 billion dollars.

The minister also indicated that the foreign trade deficit between January and November decreased by 13.6 percent, recording $39.2 billion.

A few days ago, a report was issued by the Turkish Statistics Authority indicated that Turkish exports last October amounted to $20 billion and $792 million.

Imports also increased by 12.8%, recording $22 billion and $230 million, compared to the same month of 2020.

The same government data indicated a decrease in the foreign trade deficit by 40.1%, in the same month. This is compared to October 2020, recording $1.438 billion.

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