Construction, Exports Drive Q2 Growth
Turkish economy expanded at a broadly expected 5.1% rate in Q2, y/y, after a similar performance in Q1 (of a slightly upwardly-revised 5.2%). In quarterly/sequential terms, growth accelerated to 2.1% in Q2, up from previous quarter’s 1.3% rate.
On the expenditure side, based on year-on-year data, the key growth drivers were private consumption (3.2%), investment (9.5%) and exports (10.5%), while government consumption contracted in Q2. As for contributions, private consumption added almost 2 percentage points (pps) to overall GDP growth, with total investment and net exports adding some 2.9 pps and 1.7 pps, respectively.
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