Europe
Türkiye
Full profile
GDP of $1.60 tn in 2025, real growth of 3.7% and inflation of 34.9%, by the IMF’s figures.
In January–August 2026 the U.S. bought $11.6B of goods from Turkey and sold it $16.7B, a surplus of $5.1B, and Savannah, GA handled the most of it (9.9% of the trade through listed ports).
Overview
Türkiye in figures
The latest figure each source reports. Annual figures come from one international source on one definition for every country, so they compare across this site’s country pages.
Output
IMF World Economic Outlook and World Bank, annual
Prices and jobs
IMF and World Bank (ILO modelled estimates), annual
Public finances and the external account
IMF and World Bank, annual, % of GDP
Latest readings
OECD, quarterly and monthly
Sectors
What the economy produces
Each sector’s value added as a share of GDP, and how fast it grew in real terms. World Bank, annual.
- Agriculture, forestry and fishing20255.2%
6.9% in 2015 (−1.7 pp)
- Industry, including construction202524.0%
28.0% in 2015 (−3.9 pp)
- of which Manufacturing202416.8%
16.9% in 2014 (−0.1 pp)
- Services202559.4%
53.4% in 2015 (+6.1 pp)
| Sector | Latest | 5-year average |
|---|---|---|
| Agriculture, forestry and fishing | −8.8%2025 | −1.0% |
| Industry, including construction | 2.1%2024 | 4.0% |
| Manufacturing | −0.5%2024 | 5.5% |
| Services | 3.1%2024 | 6.5% |
World Bank, World Development Indicators (national accounts). The five-year average is the compound annual rate over the last five years with figures, calculated by CK Economics.
Outlook
Where the IMF and CK see it going
The IMF’s World Economic Outlook projections next to the last two years it reports, and CK Economics’ own backtested forecasts, labelled as ours, in a table of their own.
World Economic Outlook, October 2026. Shaded columns from 2026 on are the IMF’s projections, not CK Economics’.
| Indicator | 2024 | 2025 | 2026IMF forecast → | 2027 (IMF forecast) | 2028 (IMF forecast) | 2029 (IMF forecast) | 2030 (IMF forecast) | Trend |
|---|---|---|---|---|---|---|---|---|
| Real GDP growth, % | 3.5 | 3.7 | 2.7 | 3.6 | 4.0 | 4.0 | 4.0 | |
| Inflation, annual average, % | 58.5 | 34.9 | 31.2 | 26.5 | 20.6 | 17.1 | 15.0 | |
| Unemployment rate, % | 8.7 | 8.3 | 8.2 | 8.3 | 8.3 | 8.2 | 8.2 | |
| Government balance, % of GDP | −5.0 | −2.8 | −3.1 | −3.9 | −3.6 | −3.1 | −2.9 | |
| Government gross debt, % of GDP | 23.6 | 23.7 | 22.5 | 22.6 | 23.2 | 24.1 | 25.1 | |
| Current account balance, % of GDP | −1.0 | −1.9 | −2.9 | −2.4 | −2.1 | −2.0 | −1.9 |
International Monetary Fund, World Economic Outlook, via the IMF DataMapper. Years before 2026 are the IMF’s reported series, which for some countries include staff estimates.
A baseline forecast, not a scenario: an ensemble of statistical models and the IMF’s forecast, published only where its backtest beat naive. Ranges are 80%.
| Indicator | 2026 | 2027 | 2028 |
|---|---|---|---|
| Real GDP growth, % | 2.81.5 to 6.2 | 3.7−2.4 to 8.1 | 4.3−0.3 to 9.5 |
| Inflation, % | 31.228.6 to 32.9 | 26.514.7 to 37.4 | – |
| Unemployment rate, % | 8.27.4 to 8.9 | 8.36.5 to 10.0 | – |
CK Economics, from the IMF World Economic Outlook, October 2026. Scorecards and past forecasts →
Trade
U.S. trade with Türkiye
U.S. Census Bureau goods trade between Türkiye and the United States, by month, U.S. port and product.
National totals · January–August 2026
All U.S. customs districts. Imports are general imports; exports are total exports.
- Imports
- $11.6B
- +5.6% y/y
- Exports
- $16.7B
- +45.9% y/y
- Total trade
- $28.3B
- +26.1% y/y
- U.S. surplus
- $5.1B
- $4.6B larger than a year earlier
- Share of U.S. trade
- 0.70%
- 26th of 233 partners
Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.
Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
- Sources
- U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port)
- Period covered
- January–August 2026
- Source figures as of
- October 16, 2026
- Geography
- U.S. trade with Turkey, all U.S. customs districts
- Sector
- International trade in goods
- Seasonal adjustment
- Not seasonally adjusted
- Transformations
- Monthly values summed over the period by CK Economics. Total trade (imports + exports), balance, share of U.S. trade, rank and year-on-year changes calculated by CK Economics
- Revisions
- When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
- Data status
- Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
- Limitations
- Goods only, not services. General imports at customs value, total exports at f.a.s. value.
Port subtotals
U.S. ports handling trade with Turkey
The 190 ports listed cover 97.7% of national trade ($27.7B of $28.3B). Another 2.3% went by mail, low-value shipments or through ports Census doesn’t name.
| U.S. port, activate to sort | Imports, activate to sort | Exports, activate to sort | Total trade, sorted descending; activate to reverse | Balance, activate to sort | Share of listed-port trade, activate to sort | Trade y/y, activate to sort |
|---|---|---|---|---|---|---|
| Allentown, PA1119Mainly air | $17.1K | $67.2K | $84.3K | $50.0K | <0.01% | +193.7% |
| Knoxville, TN2016Mainly air | $9.1K | $57.5K | $66.5K | $48.4K | <0.01% | None a year earlier |
| Omaha, NE3512Mainly land/other | $0 | $58.2K | $58.2K | $58.2K | <0.01% | None a year earlier |
| Tecate, CA2505Mainly land/other | $57.3K | $0 | $57.3K | −$57.3K | <0.01% | −53.8% |
| Davenport, IA-Rock Island, IL3908Mainly air | $56.8K | $0 | $56.8K | −$56.8K | <0.01% | None a year earlier |
| Melbourne Regional Airport, FL1885Mainly land/other | $56.3K | $0 | $56.3K | −$56.3K | <0.01% | +14.5% |
| Boise, ID2907Mainly air | $0 | $55.4K | $55.4K | $55.4K | <0.01% | None a year earlier |
| Oroville, WA3019Mainly land/other | $55.0K | $0 | $55.0K | −$55.0K | <0.01% | None a year earlier |
| Rockford Airport, IL3909Mainly air | $13.4K | $39.3K | $52.7K | $26.0K | <0.01% | −58.5% |
| Houlton, ME0106Mainly land/other | $52.4K | $0 | $52.4K | −$52.4K | <0.01% | −82.0% |
| Georgetown, SC1602Mainly vessel | $48.9K | $0 | $48.9K | −$48.9K | <0.01% | +17.6% |
| Shreveport-Bossier City, LA2018Mainly land/other | $0 | $47.7K | $47.7K | $47.7K | <0.01% | +24.7% |
| Crisfield, MD1304Mainly air | $36.2K | $0 | $36.2K | −$36.2K | <0.01% | None a year earlier |
| Alcan, AK3104Mainly land/other | $35.6K | $0 | $35.6K | −$35.6K | <0.01% | None a year earlier |
| Rochester, NY0903Mixed | $0 | $31.9K | $31.9K | $31.9K | <0.01% | None a year earlier |
| Morristown Airport, Newark, NJ1081Mainly air | $0 | $29.5K | $29.5K | $29.5K | <0.01% | −94.4% |
| Tulsa, OK5505Mainly land/other | $29.0K | $0 | $29.0K | −$29.0K | <0.01% | +186.9% |
| Salem, MA0408Mainly air | $26.3K | $0 | $26.3K | −$26.3K | <0.01% | −91.2% |
| Atlantic City User Fee Airport, NJ1182Mainly air | $0 | $25.0K | $25.0K | $25.0K | <0.01% | −84.5% |
| Monterey, CA2805Mainly vessel | $24.9K | $0 | $24.9K | −$24.9K | <0.01% | None a year earlier |
| Fort Wayne Airport, IN4183Mainly air | $0 | $18.2K | $18.2K | $18.2K | <0.01% | +25.8% |
| San Luis, AZ2608Mainly land/other | $18.0K | $0 | $18.0K | −$18.0K | <0.01% | −56.4% |
| Massena, NY0704Mainly land/other | $16.9K | $0 | $16.9K | −$16.9K | <0.01% | −95.0% |
| Jackman, ME0104Mainly land/other | $15.0K | $0 | $15.0K | −$15.0K | <0.01% | −67.1% |
| Erie, PA4106Mainly vessel | $14.6K | $0 | $14.6K | −$14.6K | <0.01% | None a year earlier |
| FedEx Corp Honolulu, HI3279Mainly air | $13.1K | $0 | $13.1K | −$13.1K | <0.01% | +96.5% |
| Orlando-Sanford Airport, FL1809Mainly air | $0 | $13.0K | $13.0K | $13.0K | <0.01% | −95.9% |
| Kona, HI3206Mainly land/other | $0 | $12.0K | $12.0K | $12.0K | <0.01% | None a year earlier |
| Carquinez Strait, CA2830Mainly vessel | $11.5K | $0 | $11.5K | −$11.5K | <0.01% | None a year earlier |
| Eagle Pass, TX2303Mainly land/other | $10.9K | $0 | $10.9K | −$10.9K | <0.01% | −71.3% |
| Tri-City Airport, Blountville, TN2027Mainly air | $0 | $6.4K | $6.4K | $6.4K | <0.01% | None a year earlier |
| Fresno, CA2803Mainly land/other | $0 | $4.8K | $4.8K | $4.8K | <0.01% | None a year earlier |
| Del Rio, TX2302Mainly land/other | $4.0K | $0 | $4.0K | −$4.0K | <0.01% | +1167.0% |
| Bridgeport, CT0410Mainly land/other | $4.0K | $0 | $4.0K | −$4.0K | <0.01% | None a year earlier |
| Dayton, OH4104Mainly land/other | $0 | $3.2K | $3.2K | $3.2K | <0.01% | None a year earlier |
| Douglas, AZ2601Mainly land/other | $2.5K | $0 | $2.5K | −$2.5K | <0.01% | None a year earlier |
| Progreso, TX2309Mainly land/other | $2.2K | $0 | $2.2K | −$2.2K | <0.01% | −91.1% |
| Morgan City, LA2001Mainly vessel | $431 | $0 | $431 | −$431 | <0.01% | −100.0% |
| Fargo, ND3411Mainly air | $353 | $0 | $353 | −$353 | <0.01% | −85.1% |
| Turner, MT3306Mainly land/other | $308 | $0 | $308 | −$308 | <0.01% | None a year earlier |
Port figures are subtotals: they add up to the listed-port total, not the national total above. Shares are of trade through the ports listed. Main mode is each port’s mode by trade value over the latest twelve months, not its gateway type. Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.
Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
- Sources
- U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port)
- Period covered
- January–August 2026
- Source figures as of
- October 16, 2026
- Geography
- Listed U.S. ports of entry and exit handling trade with Turkey
- Sector
- International trade in goods
- Seasonal adjustment
- Not seasonally adjusted
- Transformations
- Monthly values summed over the period by CK Economics. Total trade (imports + exports), balance, shares of the listed-port total, ranks and year-on-year changes calculated by CK Economics
- Revisions
- When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
- Data status
- Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
- Limitations
- Goods only, not services. General imports at customs value, total exports at f.a.s. value. Port figures are subtotals and don’t add up to the national total. Listed ports only: Census’s pseudo-ports (mail, low-value shipments, vessels under their own power) and unnamed ports are left out.
Largest ports for trade with Turkey, by trade
U.S. dollars · January–August 2026 · port subtotals
- Imports
- Exports
- Savannah, GAImports: $1.7BExports: $997.7M
- JFK International Airport, NYImports: $808.6MExports: $1.9B
- Newark, NJImports: $2.2BExports: $390.7M
- Seattle-Tacoma International Airport, WAImports: $33.3MExports: $2.3B
- Houston, TXImports: $1.1BExports: $976.1M
- Norfolk-Newport News, VAImports: $1.2BExports: $585.1M
- New Orleans, LAImports: $457.5MExports: $783.9M
- New York, NYImports: $382.8MExports: $625.0M
- Los Angeles International Airport, CAImports: $159.2MExports: $753.1M
- Freeport, TXImports: $47.5MExports: $708.5M
Top 10 = 65.6% of U.S. trade with Turkey through the ports listed.
Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.
Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
- Sources
- U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port)
- Period covered
- January–August 2026
- Source figures as of
- October 16, 2026
- Geography
- Listed U.S. ports of entry and exit handling trade with Turkey
- Sector
- International trade in goods
- Seasonal adjustment
- Not seasonally adjusted
- Transformations
- Monthly values summed over the period by CK Economics. Total trade (imports + exports), balance, shares of the listed-port total, ranks and year-on-year changes calculated by CK Economics
- Revisions
- When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
- Data status
- Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
- Limitations
- Goods only, not services. General imports at customs value, total exports at f.a.s. value. Port figures are subtotals and don’t add up to the national total. Listed ports only: Census’s pseudo-ports (mail, low-value shipments, vessels under their own power) and unnamed ports are left out.
View data table
| Port | Imports | Exports |
|---|---|---|
| Savannah, GA | $1.7B | $997.7M |
| JFK International Airport, NY | $808.6M | $1.9B |
| Newark, NJ | $2.2B | $390.7M |
| Seattle-Tacoma International Airport, WA | $33.3M | $2.3B |
| Houston, TX | $1.1B | $976.1M |
| Norfolk-Newport News, VA | $1.2B | $585.1M |
| New Orleans, LA | $457.5M | $783.9M |
| New York, NY | $382.8M | $625.0M |
| Los Angeles International Airport, CA | $159.2M | $753.1M |
| Freeport, TX | $47.5M | $708.5M |
Trade with Turkey by the ports’ main mode
U.S. dollars · January–August 2026 · every listed port
- Imports
- Exports
- Mainly vesselImports: $8.7BExports: $8.0B
- Mainly airImports: $2.6BExports: $7.9B
- Mainly land/otherImports: $214.8MExports: $201.1M
- MixedImports: $6.7MExports: $74.3M
Ports grouped by their main mode by trade value over the latest twelve months (vessel or air at least half; land/other when vessel and air together are under half; otherwise mixed). A port’s group says how most of its trade moves, not what kind of gateway it is.
Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.
Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
- Sources
- U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port)
- Period covered
- January–August 2026
- Source figures as of
- October 16, 2026
- Geography
- Listed U.S. ports handling trade with Turkey
- Sector
- International trade in goods
- Seasonal adjustment
- Not seasonally adjusted
- Transformations
- Monthly values summed over the period by CK Economics. Ports grouped by their main mode over the latest twelve months, and each group summed, by CK Economics
- Revisions
- When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
- Data status
- Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
- Limitations
- Goods only, not services. General imports at customs value, total exports at f.a.s. value. A port’s group says how most of its trade moves, not what kind of gateway it is.
View data table
| Main mode by value | Imports | Exports |
|---|---|---|
| Mainly vessel | $8.7B | $8.0B |
| Mainly air | $2.6B | $7.9B |
| Mainly land/other | $214.8M | $201.1M |
| Mixed | $6.7M | $74.3M |
Monthly U.S. imports from and exports to Turkey
U.S. dollars · January 2025–August 2026 · national totals
- Imports
- Exports
Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.
Official statisticSource figures as of October 16, 2026Sources & methods
- Sources
- U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port)
- Period covered
- January 2025–August 2026
- Source figures as of
- October 16, 2026
- Geography
- U.S. trade with Turkey, all U.S. customs districts
- Sector
- International trade in goods
- Seasonal adjustment
- Not seasonally adjusted
- Transformations
- None: figures as published
- Revisions
- When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
- Data status
- Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
- Limitations
- Goods only, not services. General imports at customs value, total exports at f.a.s. value.
View data table
| Month | Imports | Exports |
|---|---|---|
| Jan 2025 | $1.5B | $1.6B |
| Feb 2025 | $1.4B | $1.8B |
| Mar 2025 | $1.3B | $1.3B |
| Apr 2025 | $1.3B | $1.3B |
| May 2025 | $1.4B | $1.4B |
| Jun 2025 | $1.4B | $1.2B |
| Jul 2025 | $1.3B | $1.5B |
| Aug 2025 | $1.4B | $1.4B |
| Sep 2025 | $1.4B | $1.8B |
| Oct 2025 | $1.3B | $2.2B |
| Nov 2025 | $1.3B | $2.3B |
| Dec 2025 | $1.4B | $2.6B |
| Jan 2026 | $1.3B | $2.6B |
| Feb 2026 | $1.2B | $2.7B |
| Mar 2026 | $1.5B | $1.8B |
| Apr 2026 | $1.4B | $2.1B |
| May 2026 | $1.7B | $2.3B |
| Jun 2026 | $1.6B | $2.2B |
| Jul 2026 | $1.5B | $1.7B |
| Aug 2026 | $1.6B | $1.4B |
Monthly U.S. goods balance with Turkey
U.S. dollars, exports − imports · January 2025–August 2026 · national totals
- Deficit (below zero)
- Surplus (above zero)
Source: U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port); released 2026-10-16; retrieved 2026-10-16. Not seasonally adjusted.
Official statisticCK estimateSource figures as of October 16, 2026Sources & methods
- Sources
- U.S. Census Bureau, International Trade API (goods trade by country, national and by U.S. port)
- Period covered
- January 2025–August 2026
- Source figures as of
- October 16, 2026
- Geography
- U.S. trade with Turkey, all U.S. customs districts
- Sector
- International trade in goods
- Seasonal adjustment
- Not seasonally adjusted
- Transformations
- Balance (exports − imports) calculated by CK Economics
- Revisions
- When Census publishes a new month, CK re-collects the previous 12; older months are re-collected after Census’s annual revision each June, or sooner if Census’s totals for them change. Revised figures replace earlier ones.
- Data status
- Each month passes CK’s release checks (complete, totals reconcile with Census’s, no sharp jumps) before it is published.
- Limitations
- Goods only, not services. General imports at customs value, total exports at f.a.s. value.
View data table
| Month | Balance |
|---|---|
| Jan 2025 | $171.1M |
| Feb 2025 | $427.2M |
| Mar 2025 | $55.7M |
| Apr 2025 | −$23.3M |
| May 2025 | $18.7M |
| Jun 2025 | −$225.7M |
| Jul 2025 | $116.2M |
| Aug 2025 | −$72.4M |
| Sep 2025 | $364.3M |
| Oct 2025 | $858.7M |
| Nov 2025 | $1.0B |
| Dec 2025 | $1.2B |
| Jan 2026 | $1.3B |
| Feb 2026 | $1.5B |
| Mar 2026 | $259.9M |
| Apr 2026 | $766.3M |
| May 2026 | $592.4M |
| Jun 2026 | $633.6M |
| Jul 2026 | $224.2M |
| Aug 2026 | −$146.7M |
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Türkiye: Real GDP growth
Annual percentage change in gross domestic product at constant prices.
Official statisticIMF forecastSource figures as of October 8, 2026 · International Monetary Fund’s own, as published, To 2031Sources & methods
- Sources
- International Monetary Fund
- Period covered
- 1980 – 2025
- Source figures as of
- October 8, 2026
- Geography
- Türkiye
- Sector
- Whole economy (not a single sector)
- Seasonal adjustment
- Not applicable
- Transformations
- None: figures as published
- Forecast method
- International Monetary Fund’s own, as published
- Assumptions
- International Monetary Fund’s own
- Horizon
- To 2031
- Interval
- Not recorded
- Backtest
- See the publisher
- Revisions
- Replaced with the source’s latest figures whenever it revises them.
- Data status
- Current
Download and source
- Every value (CSV) · JSON
- Full series page: methodology, revisions and citation →
- International Monetary Fund, World Economic Outlook (WEO October 2026). Source series NGDP_RPCH. Licence: IMF terms of use (https://www.imf.org/en/About/copyright-and-terms). At the source ↗
Definitions
Read the figures alike
Every figure keeps its source’s definition; where two sound alike but are measured differently, the difference is here.
- GDP in dollars
- The IMF converts GDP at current prices at each year’s market exchange rate, so the dollar figure moves with the currency. GDP per person at purchasing power parity converts at the cost of the same basket of goods in every country instead, which suits comparisons of living standards. The World Bank’s GDP at constant 2015 prices takes price changes out, so it measures volume: use it, or the growth rates, to see how much output changed.
- Growth
- Annual growth (IMF) compares a whole year with the year before. The OECD’s quarterly figures are seasonally adjusted and compare a quarter with the previous quarter (not annualized) or with the same quarter a year earlier. The U.S. Bureau of Economic Analysis reports quarterly growth at an annualized rate, roughly four times the quarter-on-quarter change. The three need not agree in any one period.
- Inflation
- The IMF’s annual inflation is the change in the average consumer price level over a whole year. The monthly figure compares one month with the same month a year earlier, so it turns sooner and swings more. Both use the national consumer price index.
- Unemployment
- The IMF’s annual unemployment rate follows each country’s national definition (age limits, what counts as looking for work), so levels are not strictly comparable across countries. The OECD’s monthly rates follow the ILO definition for most members. Labour force participation and employment to population are ILO modelled estimates for everyone aged 15 and over, on one definition for every country; national figures, often for ages 16 to 64, are higher.
- Trade
- The Trade section is U.S. Census Bureau goods trade between this country and the United States only, month by month. Exports and imports as a share of GDP are the World Bank’s figures for goods and services with every partner. The current account (IMF) is the balance of goods and services trade with every partner plus income flows.
- Sectors
- Sector shares are value added as a percentage of GDP. They don’t add up to 100%: GDP also includes taxes less subsidies on products. Manufacturing is part of industry, which also covers mining, construction and utilities. Sector growth is the change in real value added at constant local-currency prices.
- Latest values and forecasts
- Each latest figure is the most recent period the source does not label a projection; for some countries the IMF’s latest years are its staff estimates. Values the IMF projects are labelled “IMF forecast” wherever they appear. They are the IMF’s, not CK Economics’.