Macroeconomic Forecast Turkey

On the back of strong economic growth registered in the final quarter of 2011 (real GDP expanded by 5.2% y-o-y), enhanced global liquidity and the government's capacity to issue a fiscal boost this year, we have been prompted to slightly raise our end-year 2012 real GDP growth forecast for Turkey to 3.0%, from 1.8% previously. We continue to expect growth to pick up further over the medium term, reaching 5.4% in 2013, and averaging 4.7% through to 2016.

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