## Turkey: Staff Report for the 2013 Article IV Consultation

_IMF Staff Country Reports, December 20, 2013_

## Source details

**Canonical URL:** [Turkey: Staff Report for the 2013 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2013-article-iv-consultation-41135)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2013-article-iv-consultation-41135/index.md)
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## Bibliographic details
- Published: December 20, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484303627.002

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### Key findings: 2012–2013 macroeconomic developments
- The Turkish economy achieved a welcome reduction of imbalances in 2012.
- In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus.
- The economy is projected to expand by 3.8 percent in 2013, with private consumption and public investment as the main contributors.
- With this rotation back to domestic demand-led growth, the current account deficit is widening again.
- Inflation remains above target.
- The authorities are on track to meet their 2013 budget targets, despite rapid spending growth.
- Executive Directors have expressed satisfaction that the Turkish financial system is generally sound.

### Policy stance and risks
- Monetary and fiscal policy stimulus in 2013 supported a significant acceleration in growth.
- Fiscal outcomes: authorities expected to meet their 2013 budget targets despite rapid spending growth.
- External sector: the rotation to domestic demand-led growth is associated with a widening current account deficit.
- Price stability: inflation remains above target, posing a policy challenge.

### Financial sector assessment
- Executive Directors judged the Turkish financial system to be generally sound.

### Subject coverage and keywords (as listed)
- Subject: Balance of payments, Banking, Current account deficits, Exchange rates, Fiscal policy, Fiscal stance, Foreign exchange
- Keywords: CR, Current account deficits, deficit target, deficit-to-GDP ratio, economy, Europe, Exchange rates, financial market volatility, fiscal policy stimulus, Fiscal stance, Global, ISCR, Medium-Term Program target, Middle East, nonfuel current account balance, North Africa, rate, Turkey, Turkish lira

*Turkey: Staff Report for the 2013 Article IV Consultation (IMF Staff Country Reports 2013/363).*

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## Content in this bundle

- **Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013**
  - [Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13363.pdf.md){rel="alternate" type="text/markdown"}
  - [Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13363.pdf){rel="external" type="application/pdf"}
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2013-article-iv-consultation-41135_