Berk Orkun Isa
Berk Orkun Isa works for Garanti BBVA as an economist since March 2020. He currently focuses on big data projects, economic modeling and quantitative analysis, as well as advanced analytics.He obtained his MSc degree in economics from Tilburg University and BA degree in Economics from Ankara University. He is currently pursuing an MBA degree. Prior to this role, he worked for liquidity risk management unit of Garanti BBVA.
Industrial Production grew by 66% YoY in cal. adj. terms in April, boosted by base effects. Despite the 0.9% MoM contraction, the slow down isn't clear, given strong momentum so far and upward revisions in global growth reinforce upside risks for our prudent 2021 GDP growth forecast of 5%.
The consumption growth rates in May were lower across all countries except Mexico due to the Covid-19 impact starting to improve in May 2020.
Turkish economy grew by 7.0% in yearly terms in 1Q21 and 1.7% in quarterly terms implying no moderation compared to 4Q20. Current strong momentum, ongoing credit growth and positive global outlook put upside risks on our prudent 2021 growth forecast of 5%.