Yesim Ugurlu Solaz
Yesim Ugurlu Solaz joined Garanti BBVA in September 2020 to conduct and contribute to macroeconomic research.She holds a BA degree in Economics from Bilkent University. During her bachelor’s degree, she also worked as a Teaching Assistant. She completed internships at the Ministry of Treasury and Finance and Ministry of Development.
Industrial Production (IP) grew higher than expectations by 13.8% yoy in calendar adjusted terms and 19.9% yoy in raw series in August. Despite the fading positive base effects 3Q onwards, given the strong momentum so far and recovering global growth, we keep our 2021 GDP growth forecast at 9% with risks on the upside.
Consumer prices increased by 1.25% in September resulting in an annual inflation of 19.58%, up from 19.25%. We expect consumer inflation to increase further in October before declining to near 17% at the end of the year, with the positive base effects, where risks are clearly on the upside.
Industrial Production (IP) grew remarkably lower than expectations by 8.7% yoy in calendar adjusted terms (cons:15.2%) in July, whereas it contracted by 2.3% yoy in raw series. However given the strong momentum so far and still recovering global growth we maintain our 2021 GDP growth forecast at 9%.