Turkey's 2021 growth forecast revised upwards to 10.5%

ANKARA

Goldman Sachs on Tuesday revised Turkey's growth forecast for 2021 upwards by one percentage point.

The American multinational investment bank and financial services company now expects the Turkish economy to expand by 10.5% overall this year.

Goldman Sachs' previous estimate for Turkey's gross domestic product (GDP) was 9.5%. It revised Turkey's 2021 growth forecast upwards to 9.5%, from 7.5%, at the beginning of September.

However, the Turkish economy's growth forecast for 2022 was revised downwards by half a percentage point.

The GDP is now expected to rise 3.5% overall next year, down from a previous estimate of 4%.

Turkey's GDP climbed 7.4% in the third quarter of 2021 from the same period last year, the Turkish Statistical Institute (TurkStat) announced earlier Tuesday.

Turkey was the second-fastest growing economy in the third quarter of 2021 among the member states of the Organization for Economic Cooperation and Development after Chile, the international group said earlier.