Economic Research

    A bank that sets an example with its responsibilities and its successes.A bank that sets an example with its responsibilities and its successes.

    Economic Indicators

     Realizations2014 ForecastLatest 2 Realizations
    Growth20122013GarantiGovernmentQ4 '13Q1 '14
    GDP (TL Billion, Nominal Prices) 1.417 1.562 1.719 1.719 405 407
    GDP (US$ Billion) 786 820 788 867 199 184
    GDP Per Capita (US$)  10.459 10.782 10.191 11.277 - -
    GDP Yearly Growth Rate 2,1% 4,0% 2,7% 4,0% 4,4% 4,3%
    Industrial Production 20122013GarantiGovernment05.201406.2014
    Industrial Production (YoY) 2,5% 3,4% - - 3,5% %1,4
    Capacity Utilization Rate  74,2% 74,6% - - 75,3% 74,9%
    Inflation20122013GarantiGovernment06.201407.2014
    CPI (YoY) 6,2% 7,4% 7,5% 5,3% 9,2% 9,3%
    PPI (YoY) 6,1% 4,5% - - 9,8% 9,5%
    Deflator 6,9% 5,9% 7,5% 6,0% - -
    Interest Rates20122013GarantiGovernment06.201407.2014
    Benchmark bond (End of period) 6,2% 10,0% 10,5% - 8,3% 8,4%
    Fixed Int. Rate Dom. Borrowing Average Cost 8,5% 7,9% - - 8,7% 8,6%
    Dom. Borrowing Cash Maturity (Month) 21,7 70,0 - - 60,6 59,5
    O/N (End of period) 5,5% 4,5% 9,5% - 8,8% 8,3%
    Eurobond (2030, Yield) 4,0% 6,8% - - 5,1% 5,0%
    Foreign Currency20122013GarantiGovernment06.2014

    07.2014

    Basket (0.5*US$+0.5*Euro, End of Period) 2,0672 2,5354 2,47 - 2,5103 2,4945
    EURO/US$ (End of Period) 1,32 1,38 1,30 - 1,37 1,34
    US$/TL (Average) 1,7278 1,9156 2,18 1,98 2,1172 2,1177
    US$/TL (End of Period) 1,7826 2,1343 2,15 - 2,1226 2,1330
    Euro/TL (End of Period) 2,3517 2,9365 2,79 - 2,8979 2,8560
    Balance of Payments (US$ million)20122013GarantiGovernment04.201405.2014
    Exports (f.o.b.) 152.462 151.807 165.911 166.500 13.415 13.750
    Imports (c.i.f.) 236.545 251.650 253.266 262.000 -20.661 -20.859
    Current Account Balance (12-month) -48.497 -64.490 -46.600 55.500 -56.813 -52.636
    Current Account Balance/GDP  -6,2% -7,9% -5,9% -6,4% - -
    Tourism Revenue (12-month) 21.251 23.180 - 31.000 1.800 2.734
    Foreign Direct Investment (Net, 12-month) 9.150 9.758 - - 670 -13
    Capital Account Balance (12-month) 47.438 61.589 - - 5.709 2.486
    Debt Stock20122013GarantiGovernmentQ4'13Q1'14
    EU Defined Debt Stock/GDP 36,2% 36,3% 35,5% 33,0% 36,3% 35,9%
    Total External Debt Stock/GDP 43,0% 47,3% - - 47,3% 48,0%
    Public/GDP 14,4% 14,8% - - 14,8% 14,5%
    Private/GDP 28,9% 32,6% - - 32,6% 32,9%
    Short-term/GDP 12,8% 15,7% - - 15,7% 15,5%
    Long-term/GDP 30,2% 31,6% - - 31,6% 32,5%
    Reserves (US$ million)20122013GarantiGovernment06.201407.2014
    Total Foreign Reserves 120.290 132.874 - - 132.552 133.226
    Central Bank Reserves 100.320 112.002 - - 111.901 111.738
    CB Net FX Position 43.856 39.184 - - 34.371 38.950
    Monetary Aggregates (US$ billion)20122013GarantiGovernment06.201407.2014
    M1 181,9 225,3 - - 112,5 118,3
    M2 749,1 910,1 - - 450,1 461,5
    M2Y 792,0 951,0 - - 470,1 481,3
    Central Government Budget (TL billion)20122013GarantiGovernment05.201406.2014
    Revenues 331,7 389,4 - 403,2 37,6 34,6
    Expenditures 360,5 407,9 - 436,3 36,1 35,2
    Interest Payments 48,4 50,0 - 52,0 7,1 1,6
    Budget Balance -28,8 -18,4 - -33,2 1,5 -0,6
    Primary Balance 19,6 31,5 - 18,8 8,6 1,0
    Central Government Debt Stock 20122013GarantiGovernmentQ4 '13Q1 '14
    C.G. Domestic Debt Stock/GDP 31,9% 25,8% - - 25,8% 25,3%
    C.G. External Debt Stock/GDP 10,6% 11,7% - - 11,7% 11,7%
    Gross Total Public Debt Stock/GDP 45,0% 40,0% - - 40,0% 39,4%
    Net Total Public Debt Stock/GDP 28,7% 12,7% - -

    12,7%

    11,9%

    Source: TURKSTAT, CBT, Ministry of Finance, Treasury, State Planning Organization, Reuters, GarantiBank

     

    This report has been prepared by T. Garanti Bankası A.S. is provided for information purposes only. Although the information on which the report is based has been obtained from sources which we believe to be reliable, no representation or warranty is made by T. Garanti Bankası A.S. for the accuracy or completeness of the information contained herein. Information contained herein is subject to change without notice. T. Garanti Bankası A.S. and/or any person connected with it accepts no liability whatsoever for any direct or consequential loss of any kind arising out of the use of this document or any part of its contents.

    IR Calendar

    • 03 February 15Garanti Bank 2014 Financial Results
    • 19-22 January 15Bank of America Merrill Lynch’s 14th Annual Turkish Equity 1-1 Conference – London & New York
    • 27 October 14Garanti Bank 9M14 Financial Results

    Help and AdviceHelp and Advice

    • Who are the members of the Board of Directors?

      The members of the Garanti Bank Board of Directors are Ferit Faik Şahenk (Chairman), Süleyman Sözen (Vice Chairman), Ahmet Kamil Esirtgen, PhD Ergun Özen, M. Cüneyt Sezgin, PhD, Angel Cano Fernandez, Carlos Torres Vila, Manuel Pedro Galatas Sanchez-Harguindey, Manuel Castro Aladro Find out more

    • What is the ownership structure of Garanti Bank?

      Garanti is jointly controlled by two powerful companies, Doğuş Holding and Banco Bilbao Vizcaya Argentaria (BBVA), under the principle of equal partnership Find out more

    • Exchanges that Garanti Bank’s shares traded and the percentage of publicly traded shares.

      Garanti's shares are traded on the İstanbul Stock Exchange (ISE) under the ticker symbol "GARAN". The shares are also quoted on the London Stock Exchange Main Market. Find out more

    • What are the main subsidiaries of the Bank?

      Garantibank International N.V, Garanti Bank S.A., Garantibank Moscow, Garanti Securities, Garanti Asset Management, Garanti Leasing, Garanti Factoring, Garanti Pension and Life, Garantİ Payment Systems, Garanti Mortgage, Garanti Technology Find out more