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Fitch Raise Turkey Growth Forecasts

TURKEY
  • Fitch have raised their growth forecasts of Turkey noting strong Q2 growth this year. In June they had forecast that the economy would grow by 4.5% this year, 3% in 2023 and 2.9% in 2024. In a report published yesterday, they upgraded their forecasts to growth of 5.2% this year and 2.9% in 2023 and 2024.
  • Dunya report that though foreign direct investments in the balance of payments have been on the decline recently, the pace of foreign real estate investment is increasing. Real estate investments of foreigners reached $3.8bln in the January-July period of 2022, an increase of 42 percent compared to the same period last year.
  • President Erdogan flies today to Uzbekistan to attend the summit of the Shanghai Cooperation Organization where he is expected to meet President Putin. Note it was reported yesterday that the two leaders are set to discuss the Ukraine grain corridor deal which has attracted criticism from Putin.
  • Housing sales across Turkey decreased by 12.7% in August (Prior 12.9%). Sales also fell 13% percent year-on-year in July recording a second consecutive month of decline.
  • The Treasury & Finance Ministry publishes the central government budget balance for August at 0900 BST (1100 local time) while the central bank will publish weekly capital flows data at 1230 BST (1430 local time).
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  • Fitch have raised their growth forecasts of Turkey noting strong Q2 growth this year. In June they had forecast that the economy would grow by 4.5% this year, 3% in 2023 and 2.9% in 2024. In a report published yesterday, they upgraded their forecasts to growth of 5.2% this year and 2.9% in 2023 and 2024.
  • Dunya report that though foreign direct investments in the balance of payments have been on the decline recently, the pace of foreign real estate investment is increasing. Real estate investments of foreigners reached $3.8bln in the January-July period of 2022, an increase of 42 percent compared to the same period last year.
  • President Erdogan flies today to Uzbekistan to attend the summit of the Shanghai Cooperation Organization where he is expected to meet President Putin. Note it was reported yesterday that the two leaders are set to discuss the Ukraine grain corridor deal which has attracted criticism from Putin.
  • Housing sales across Turkey decreased by 12.7% in August (Prior 12.9%). Sales also fell 13% percent year-on-year in July recording a second consecutive month of decline.
  • The Treasury & Finance Ministry publishes the central government budget balance for August at 0900 BST (1100 local time) while the central bank will publish weekly capital flows data at 1230 BST (1430 local time).