ECONOMY

Turk growth forecast well above target

ANKARA (Reuters) – Turkish economic growth is expected to reach an annual 6.2 percent by the end of this year, well above the government’s IMF-backed target, a central bank survey showed yesterday. Turkey targets 5 percent gross national product (GNP) growth under its $19 billion IMF loan accord, but official statistics showing strong first-quarter growth have raised expectations the country will easily surpass that goal. GNP grew by 12.4 percent year-on-year in the first quarter, well above market expectations of 8.4 percent. The twice-monthly survey of 77 financial leaders, which the central bank uses to help determine monetary policy, previously forecast GNP growth at 6 percent by year-end. Consumer price inflation was seen at an annual rate of 10.7 percent, lower than the previous forecast of 10.9 percent.