The Central Bank of the Republic of Turkey has announced its final year-end dollar and inflation forecasts for 2021. Forecasts increased significantly compared to the previous month. The growth expectation for 2022 was also reduced.
With the depreciation of the Turkish Lira, inflation has also increased significantly, especially in the last two months, and the purchasing power of the citizens has decreased to a large extent. Increasing production and import costs in all sectors caused more than 50% hikes in each product. Announcing the inflation and exchange rate forecast every month Central Bank of Turkey Republic, shared this year’s latest predictions today.
The “December 2021 Market Participants Survey”, which was conducted with 50 participants consisting of real sector, financial sector representatives and professionals, was concluded. End of the year with the results of the survey dollar estimate to 13.77 TL, end of the year if inflation forecast increased to 23.85%. Forecasts showed a large increase compared to the previous month.
CBRT’s year-end forecasts:
- Year-end inflation rate expectation: 23.85% (was 19.31% last month)
- CPI expectation after 12 months: 21.39% (was 15.61% last month)
- CPI expectation after 24 months: 14.41% (was 11.76% last month)
- Year-end dollar rate expectation: 13.77 TL (was 9.98 TL last month)
- Expected dollar exchange rate after 12: 15.56 TL (was 10.93 TL last month)
- GDP growth forecast for 2021: 9.9% (was 9.2% last month)
- 2022 growth expectation: 4.1% (was 4.2% last month)
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