On Q2 Growth: “Damn the Torpedoes…”

TURKEY - Report 10 Sep 2015 by Murat Ucer

The Turkish economy grew by a higher than expected 3.8% in Q2, y/y, thanks to a sharp increase in domestic demand (6.8%, y/y), which made a 6.7 pps contribution to overall GDP growth in Q2. The contributions of net exports and inventories were negative, broadly in line with expectations, shaving off some 1.1 pps and 1.9 pps, from GDP growth, respectively. Private consumption and government spending were strong, as expected, but the buoyancy of private investment, which expanded by 11.4%, y/y, after several quarters of stagnation, surprised on the upside.

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