The British multinational banking giant HSBC on Tuesday went on to revise upward its projections for Turkish economic growth for both 2020 and this year, following encouraging manufacturing activity data.
HSBC expects the country’s gross domestic product (GDP) to have grown 2% in the whole of 2020, up from its previous forecast of 1%, it said in a report.
The economy is forecast to have grown 2.9% on a quarterly basis in the October-December period, the report said. It earlier expected a contraction of 0.7%.
As for 2021, HSBS sees the economy expanding by 4.2% on an annual basis, revising upward its earlier forecast of 2.1%.
The update came after the data showed that the Turkish manufacturing sector recovery continued in December, albeit at a slightly gentler pace, amid restrictions aimed at slowing the second wave of the coronavirus outbreak.
The headline Purchasing Managers’ Index (PMI) fell to 50.8 in December, its lowest level since May, from 51.4 a month earlier, staying above the 50 mark that separates expansion from contraction.
