Update: Turkey Central Bank Survey Sees Cpı Acceleratıng
The annual rate of inflation in Turkey is predicted to rise by 8
The annual rate of inflation in Turkey is predicted to rise by 8.57% at the end of 2010, up from the 8.15% previously estimated, the Ihlas News Agency, or IHA, reported, citing a survey by the country's central bank Thursday.
The central bank's twice-monthly poll of business leaderseconomists put May's expected monthly inflation rate at 0.65%, lower than the previous estimate of 0.70%.
The latest official data showed consumer prices rising 0.60% on the month in April, taking the annual inflation rate to 10.19%.
Turkey's gross domestic product this year is expected to grow 4.6%, the survey showed, up from the previous forecast of 4.4%. In the fourth quarter of 2009, Turkish GDP grew by an annual rate of 6% after a 2.9% contraction in the third quarter.
The country's GDP contracted 4.7% in 2009.
The survey also showed that market participants expect the current account deficit to widen to $28.13 billion in 2010 from the previous forecast of $25.79 billion.
In 2009 as a whole, the current account deficit was $13.85 billion, narrower than the $41.95 billion shortfall the previous year.
The survey forecast that the Turkish lira will trade at TRY1.5410 against the dollar by the end of the year, compared with a previous forecast of TRY1.5466. It currently trades around TRY1.5375.
(YC-YC-E-ENG)
The central bank's twice-monthly poll of business leaderseconomists put May's expected monthly inflation rate at 0.65%, lower than the previous estimate of 0.70%.
The latest official data showed consumer prices rising 0.60% on the month in April, taking the annual inflation rate to 10.19%.
Turkey's gross domestic product this year is expected to grow 4.6%, the survey showed, up from the previous forecast of 4.4%. In the fourth quarter of 2009, Turkish GDP grew by an annual rate of 6% after a 2.9% contraction in the third quarter.
The country's GDP contracted 4.7% in 2009.
The survey also showed that market participants expect the current account deficit to widen to $28.13 billion in 2010 from the previous forecast of $25.79 billion.
In 2009 as a whole, the current account deficit was $13.85 billion, narrower than the $41.95 billion shortfall the previous year.
The survey forecast that the Turkish lira will trade at TRY1.5410 against the dollar by the end of the year, compared with a previous forecast of TRY1.5466. It currently trades around TRY1.5375.
(YC-YC-E-ENG)