Year-end macroeconomic projections have been revised again by the State Planning Organisation (DIE). Annualised wholesale inflation is now expected to work out at 79.7 per cent compared with the 65 per cent forecast by the previous administration.

Growth in gross national product (GNP) is expected to work out at between 5.5-6 per cent, compared with 4 per cent in the economic programme worked out by the previous government.

The radio of the budget deficit to GNP will be 8.4 per cent, versus 8.1 per cent in 1996. State Minister Isin Celebi on 2 September said the government now expects the consolidated budget deficit to be about TL 3,000 million million (more than $14,000 million), compared with TL 2,400 million million previously expected by the new government led by Prime Minister Mesut Yilmaz. Celebi added that tax revenues were not rising as much as previously foreseen. The previous, Islamist-led coalition had set an ambitious target of a budget balance.

Exports will be about $26,000 million-26,5000 million, compared with a previously expected $29,500 million. However, the DIE has also revised import projections downwards to $45,000 million-46,000 million from $50,000 million previously. Thus, the trade deficit will still be about $20,000 million, the DIE says. The current account deficit will be about $4,000 million-4,500 million.