Although economic growth was firm in the first half of 2016, driven by an increase in private consumption and government spending, expectations have somewhat waned recently owing to rising vulnerabilities. Despite the government’s measures to boost private consumption, we expect a GDP growth rate of 3.3% for the current year, before it slows down to 3% and 2.7% for 2017 and 2018, respectively.
|Main Economic Indicators||2014||2015||2016||2017||2018||2019|
|Population, 1000 persons.||77182||78218||79500||.||.||.|
|GDP, real change in %||5.2||6.1||1.9||3.7||3.5||.|
|GDP per capita (EUR at PPP)||16900||18000||18200||.||.||.|
|Gross industrial production, real change in %||3.6||3.2||1.9||.||.||.|
|Unemployment rate - LFS, in %, average||9.9||10.3||10.8||10.3||10.2||.|
|Average gross monthly wages, EUR||.||.||.||.||.||.|
|Consumer prices, % p.a.||8.9||7.7||7.8||7.6||7.1||.|
|Fiscal balance in % of GDP||-0.8||-1.0||-1.6||.||.||.|
|Public debt in % of GDP||28.6||27.5||27.5||.||.||.|
|Current account in % of GDP||-4.7||-3.8||-3.8||-5.0||-5.0||.|
|FDI inflow, EUR mn||9447||15371||10999||.||.||.|
|Gross external debt in % of GDP||47.1||47.3||48.5||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
TURKEY: Inevitable economic slowdown in sight
in: Labour Shortages Driving Economic Growth?
wiiw Forecast Report No. Autumn 2016, November 2016 , pp. 116-120 Details and Buy
Monthly Report No. 7-8/2016
Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Simona Jokubauskaite, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2016
25 pages including 1 Table and 1 Figure