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Macroeconomic Forecasts

Baseline Scenario*
Garanti BBVA Macroeconomic Forecasts
  2020 2021 2022 2023
CPI (eop) 14,6% 17,0% 13,0% 11,0%
GDP Growth  1,8% 9,0% 4,0% 5,0%
GDP (Billion TL) 5.048 6.622 7.923 9.244
GDP (Billion USD) 719 789 798 833
Deflator 14,8% 20,3% 15,0% 11,1%
Per Capita Income (USD) 8.619 9.346 9.348 9.638
CBRT One-Week Repo Rate (eop) 17,0% 18,0% 14,5% 12,5%
TL/USD (eop) 7,42 9,50 10,25 11,25
TL/EURO (eop) 9,12 11,56 12,59 13,94
EURO/USD Parity (eop) 1,23 1,22 1,23 1,24
Current Account Balance (Billion USD) -36,7 -18,4 -16,7 -28,4
Current Account Balance/GDP -5,1% -2,3% -2,1% -3,4%
Foreign Trade Balance (Billion USD) -50 -46 -51 -64
Foreign Trade Balance/GDP -6,9% -5,9% -6,3% -7,7%
CG Budget Balance/GDP -3,5% -3,4% -3,9% -3,8%