Gül Yücel
Gül Yücel
Senior Economist

Gül Yücel works as an Economist at Garanti  – BBVA Research since June 2022. She holds a BA and MA degree in Economics from Bilkent University, Ankara.

Previously, she worked as an Economist at the Industrial Development Bank of Turkey where she was mainly responsible for doing research on topics in development economics, particularly gender equality and climate crisis.

Latest publications

Industrial production (IP) once again surprised to the downside and grew 0.4% y/y in September (vs. 3% expected), implying a very sharp deceleration with 2.5% y/y in 3Q (vs. 10.7% in 2Q). We forecast 5.5% GDP growth in 2022 and 3% in 2023 with the help of potential boost before the elections.
Consumer price inflation accelerated further by 3.54% in October, parallel to market expectations but below our expectation (4.5%), which led to an annual inflation of 85.5%. We expect consumer inflation to remain in the range of 65% to 70% at the end of 2022 due to the weaker realizations in the last few months.
Industrial production (IP) surprised to the downside and grew 4.1% y/y in August, implying 3.7% y/y in July-August period (vs. 10.7% in 2Q). Monthly GDP indicator nowcasts a quarterly GDP growth of 0.5-1% for 3Q, while we maintain our 2022 GDP growth forecast at 6%.