9 October 2012
The Turkish economy is estimated to grow 3.2 percent in 2012, Deputy Prime Minister Ali Babacan said today, adding that the year-end inflation target was 7.4 percent. The 2012 growth target had previously been 4 percent.
The annual growth estimate is 4 percent for 2013 and 5 percent for both 2014 and 2015, he said, while disclosing the Medium Term Program for the period 2013-2015 in a press meeting at the Prime Ministry.
The Medium Term Program predicts that the ratio of the budget deficit to the gross domestic product (GDP) will be 2.2 percent in 2013, 2 percent in 2014, and 1.8 percent in 2015. The government aims to further reduce the ratio of public debt to GDP to 36.5 percent this year, 35 percent in 2013, 33 percent in 2014, and 31 percent in 2015, Babacan said.
He also said the current account deficit was estimated to fall to 7.3 percent by the end of the year, while the current account deficit target for 2015 is 6.5 percent.