Turkish currency and debt crisis

Fitch Ratings has revised up Turkey's 2021 economic growth forecast to 9.2%, according to the rating agency's Global Economic Outlook for September, released on Sept. 16. 

The new figure is a massive upward revision from the agency's previous upgrade made on Aug. 13 when it revised up Turkey's growth forecast to 7.9%, from 6.3%.

The Turkish president on Sept. 6 hailed the country's economic performance during the pandemic, while "the economies across the world were shaken."

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"In such a difficult period, Turkey has been extremely successful in combating the adverse effects of the pandemic.

Turkey's annual inflation rate climbed in August compared to the previous month, the Turkish Statistical Institute (TÜİK) announced on Sept. 3.

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Consumer prices in Turkey rose 19.25 percent year-on-year last month from 18.95 percent in July, TÜİK said.

U.S.-based multinational banking and financial services company JP Morgan on Sept. 1 revised its estimate for Turkey's economic growth for 2021 from 6.8 percent to 8.4 percent.

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According to a report published by the firm, the Turkish economy continued to grow "at full speed thanks to robust domestic demand and surging export demand in the second quarter."

The Turkish economy expanded 21.7 percent year-on-year in the second quarter of 2021, official data revealed on Sept. 1.

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It has been the highest annual growth rate since 1999.

The Turkish economy expanded 21.7 percent year-on-year in the second quarter of 2021, official data revealed on Sept. 1.

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It has been the highest annual growth rate since 1999.

International credit ratings agency Moody's on Aug. 31 upgraded Turkey's economic growth forecast for 2021 from 5 percent to 6 percent. 

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In its Global Macro Outlook 2021-22 report, Moody's also revised the growth expectation of the Turkish economy for 2022 from 3.5 percent to 3.6 percent.

Turkey's foreign trade deficit reached $4.3 billion this July, the country's statistical authority announced on Aug. 31.

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The July figure was up 51.3 percent from the same month last year, the Turkish Statistical Institute (TÜİK) said in a statement.

Turkey's economic confidence index hit a 39-month high of 100.8 this August, the country's statistical institute said on Aug. 27. 

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Chiefly driven by the services and construction confidence indices, the main reading improved 0.7% from July, Turkish Statistical Institute (TÜİK) data showed.

Turkish Central Bank's reserves will surpass $115 billion when pending transactions are completed, Turkey's president said on Aug. 24. 

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The bank's official reserves so far stand at $109 billion, Recep Tayyip Erdoğan said at the meeting of AKP provincial heads in the capital Ankara.