Net Exports Drive Q2 Growth

TURKEY - Report 31 Aug 2026 by Murat Ucer

The Turkish economy grew by 2.3% y/y and 1.1% q/q in the second quarter of the year, slightly down and considerably up from the previous quarter, respectively. As usual, we focus on the quarterly (sequential) growth rates here to better gauge the cyclical state of the economy. The strong Q2 growth, which admittedly caught us by surprise, was entirely driven by net exports, which made a 1.8 pp contribution to overall GDP growth, thanks to exports surging and imports contracting over the previous quarter.

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