The Central Bank of the Republic of Turkey published the second inflation report of the year and updated its year-end inflation forecast. Inflation forecast has almost doubled compared to the previous report.
The Central Bank of the Republic of Turkey published the second inflation report of the year today and updated its inflation forecast for the end of 2022. The new report included a large increase in inflation expectations compared to the latest report released this year. The year-end inflation expectation for 2022, which was 23.2% at the beginning of the year, rose to 42.8% in the new report.
Central Bank Governor Şahap Kavcıoğlu, in his statement about the second inflation report, is that the Russia-Ukraine conflict has affected the global economy. influences through commodity and supply chain channels. reported. Kavcıoğlu shared that the supply and supply problems did not improve, and that the growth expectations of the trade partners were also updated downwards.
“The improvement trend in the Turkish economy continues”
Speaking about the Turkish economy, Kavcıoğlu stated that the biggest contribution to growth comes from industry and services. Kavcıoğlu continued his words as follows:
“The trend of improvement in economic activity continues. Data for the first quarter indicate that the composition of economic activity is improving. Investment expenditures are on a strong upward trend. We expect continued employment growth in the coming period.
Imports rose in the first quarter due to the increase in energy prices. In terms of quantity, exports showed a significant improvement against imports. Within the framework of the liraization strategy, the growth rate and composition of loans will be aligned with price stability.”
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