Turkish CB revises inflation, growth forecasts

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Turkish CB revises inflation, growth forecasts

Turkish Central Bank on Friday released its Survey of Expectations June 2019, revising the inflation, economic growth forecasts. The report — which intends to monitor the expectations of decision-makers and experts in the financial and real sectors regarding various economic variables — reduced the inflation forecast to 15.85 percent from 16.68 percent. The expectation of CPI hike fell from 15.48 percent to 14.88 percent. CPI expectations for 2 years later were revised from 12.34 percent to 11.46 percent. According to the report prepared by more than 60 professionals, “While CPI expectation for June 2019 was 1.10 percent in the previous survey period, it was 0.91 percent in this survey period. July CPI expectation in the same survey period respectively 0.96 and 0.94 percent. The CPI expectation for August was 0.91 percent.” the statement said. The Bank also declined year-end expectations for the USD/TRY parity. According to the results of the survey, the end-of-year USD/TRY expectation was revised from 6.43 to 6.30, while the exchange rate expectation for the 12 months later was reduced to 6.64 from 6.68. The bank also revised its economic growth outlook, saying “The GDP growth forecast for 2019 was 0.3 percent in the previous survey period but revised to 0.04 percent in this survey period.”