Turkey's year-end growth estimated at 3.6%

Turkish Deputy Prime Minister Ali Babacan says they expected Turkey's year-end growth rate to stand at 3.6%, 4% in 2014 and 5% in 2015 and 2016.

Turkey's year-end growth estimated at 3.6%

World Bulletin/News Desk

Turkish Deputy Prime Minister Ali Babacan stated Tuesday they expected Turkey's year-end growth rate to stand 3.6% at the end of 2013 and at 4% in 2014, and at 5% in 2015 and 2016.    

Announcing the Medium-Term Economic Program (OVP) of 2014-2016 in Turkey's capital Ankara, Babacan said their first aim was to decrease the current account deficit in three years.

He said that increasing the domestic savings, allocating available resources to more productive areas and that boosting economic efficiency was important in that context.

Babacan stated they also aimed to decrease inflation and added they will continue to stick to strict fiscal discipline and decrease unemployment rate gradually as part of the program.

Year-end unemployment rate is expected to drop to 8.9% from an earlier expectation of 9.5%, Babacan added.      

Inflation targets

Babacan stated their year-end inflation target was 6.8% in 2013, 5.3% in 2014 and 5% in 2015 and 2016.

Babacan said the program's year-end current deficit target was 7.1 percent and 6.4% in 2014, 5.9% in 2015 and 5.5% in 2016.

"As for primary surplus, our target is to close 2013 with 0.9%. It's a bit more than the amount we set forth in new year. We aim to gradually increase our primary surplus to 1% in 2014, 1.2% and 1.3% in 2015 and 2016, respectively," Babacan said. 

Babacan also underlined they expected debt to GDP ratio to be 35% and added the EU average was 90%, more than 100% in the US and 230% in Japan.

Last Mod: 08 Ekim 2013, 23:40
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