In announcing the second edition of the June Survey of Expectations, the central bank indicated that the year-end inflation rate expectation for this year had increased to 7.61 percent, up from the 7.54 percent cited in the first edition of the June Survey of Expectations. Moreover, the central bank report stated that the gross domestic product (GDP) growth rate is expected to be 4.8 percent at the end of this year. The figure had been outlined as 4.8 percent in the first edition of the June Survey of Expectations. The central bank also noted that the year-end inflation expectation rate for 2012 was revised to 6.89 percent, down from the 6.93 percent cited in the previous report.

Current account deficit expectations were also featured in the recent central bank survey. The 2011 year-end current account deficit is expected to be $66.40 billion, while it was anticipated to be $63.52 billion in the first edition of the June Survey of Expectations. Moreover, the central bank report noted that it expects the June consumer price index (CPI) to be 0.02 percent, while it was 0.16 percent in the previous report.

As for the national currency, the second edition of the June Survey of Expectations stated that the value of the US dollar was expected to increase from TL 1.58 to TL 1.60 by the end of this month in the interbank foreign exchange market while its year-end expectation was expected to remain unchanged at TL 1.59.