U.S.-based credit rating agency Moody's raised its growth projection for the Turkish economy to 2.6 percent from 2.2 percent in April and then to 3.7 percent in August. Another U.S.-based credit rating agency also announced that it upgraded the Turkish economy projections for 2017 after the release of the first quarter data. Previously, the agency predicted that the Turkish economy will grow 2.3 percent and 1.3 percent in 2017 and 2018, respectively. However, the estimates of Fitch have been revised up to 4.7 percent and 4.1 percent for the same periods.