Economy Says, End Taksim Peacefully

TURKEY - Report 11 Jun 2013 by Murat Ucer

Two important data prints were released today: GDP grew by a better-than expected 3% in Q1, y/y, while April current account deficit was a wider than expected $8.2 billion.Both prints are problematic in our view, as they yield signs of a struggling economy on two fronts: a not so healthy growth dynamics and a continuing vulnerability in the external accounts.

Let us start with growth.Private consumption showed signs of revival in Q1, which is good news and was broadly expected, but this was fully offset by the ongoing shrinkage in private investment spending (at almost 10%, y/y)....

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