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Turkish GDP slows
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Turkey’s economic growth slowed to 0.9 percent in the second quarter, official data showed yesterday, with further declines expected as the impact of the slide in the value of the lira begins to show up in the data.
The second quarter performance fell considerably from the 1.5 percent seasonally-adjusted quarter-on-quarter growth in the first three months of the year. Compared to the second quarter of 2017, the Turkish economy grew by 5.2 percent in the three months through June this year, slightly below the market consensus of 5.3 percent. The second quarter growth was driven by the services, industry and construction sectors, as well as a rise in exports, the official data published by the Turkish Statistics Institute showed. The data does not yet include the 20 percent plunge the value of the Turkish lira in the past month.
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