Naperville, IL -- (SBWIRE) -- 04/24/2014 -- Reportstack, provider of premium market research reports announces the addition of Turkey Shipping Report Q2 2014 market report to its offering
We have been below consensus on Turkey's medium-term real GDP growth outlook since mid-2013, based
on our view that the country's growth model, driven by a huge reliance on foreign borrowing to fund a rapid
expansion of domestic credit, would no longer be viable in light of tightening global liquidity conditions.
While signs of easing domestic demand were beginning to emerge by end-2013, destabilising political
developments have exacerbated a downturn in investor sentiment, consumer and business confidence.
Following an estimated 3.6% growth in 2013, we now forecast real GDP to expand by 1.5% and 3.0% in
2014 and 2015 respectively, well below consensus estimates of 2.3% and 4.0%.
The effect of lira depreciation in boosting export competitiveness, in conjunction with accelerating growth
in the European Union, implies a fairly upbeat outlook for export growth in 2014. The European Union
accounted for 41.5% of Turkey's total export market in 2013, concentrated in Germany and the UK where
we expect domestic demand to play a more prominent role in economic growth.
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