Turkey is set to report economic growth for the first quarter in excess of a year-end goal, reflecting a strong recovery prior to the outbreak of the coronavirus.
The economy may have expanded by an annual 5.4 percent in the January to March period, according to a Reuters poll of 14 economists. Forecasts ranged from 4.4 percent to 6.4 percent growth, the survey showed. The government’s growth goal for the year stands at 5 percent.
Turkey’s central bank has slashed interest rates to single digits from 24 percent last July and the government has embarked on a lending splurge through state-run banks. That has helped the country reverse three quarters of negative annual economic growth that extended through June 2019.
Reuters said GDP growth for 2020 was forecast at a negative 0.75 percent, reflecting an expected sharp downturn caused by COVID-19. Turkey reported its first case of the virus on March 11. Estimates ranged between a contraction of 5.5 percent and growth of 0.9 percent, it said.
The Turkish Statistical Institute is due to report first quarter economic growth data on Friday.
Ahval