{"id":214422,"date":"2021-12-03T16:14:33","date_gmt":"2021-12-03T16:14:33","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=214422"},"modified":"2021-12-03T16:14:33","modified_gmt":"2021-12-03T16:14:33","slug":"turkish-economic-growth","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/turkish-economic-growth\/","title":{"rendered":"Fitch raises its forecast for Turkish economic growth to 10.5%"},"content":{"rendered":"

Fitch<\/a> Ratings has raised its forecast for the Turkish economic growth for the current year from 9.2% to 10.5%.<\/p>\n

Turkey was affected in 2020, which saw the outbreak of the Coronavirus, and GDP increased by 1.8 percent, Fitch said.<\/p>\n

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.<\/p>\n

Turkish economic growth<\/h2>\n

The agency also raised its forecast for the growth of the Turkish economy during the next year 2022 from 3.5% to 3.6%.<\/p>\n

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

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.<\/p>\n

Turkish exports last November recorded $21.5 billion, an increase of 33.4 percent year on year, according to Turkish Trade Minister Mehmet Mu\u015f.<\/p>\n

The minister also indicated that Turkish exports increased in November by 33.4%, compared to the same month last year.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Rising imports<\/h2>\n

Mu\u015f 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.<\/p>\n

The minister also indicated that the foreign trade deficit between January and November decreased by 13.6 percent, recording $39.2 billion.<\/p>\n

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.<\/p>\n

Imports also increased by 12.8%, recording $22 billion and $230 million, compared to the same month of 2020.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":4,"featured_media":214423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,1037],"class_list":["post-214422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-turkey"],"yoast_head":"\nFitch raises its forecast for Turkish economic growth to 10.5% | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Fitch Ratings has raised its forecast for the growth of the Turkish economy for the current year from 9.2% to 10.5%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/turkish-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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