A strong ending, with many caveats

TURKEY - Report 28 Feb 2020 by Murat Ucer

Today’s GDP data showed that the Turkish economy expanded by a stronger than expected 6% in Q4, y/y, and some 1.9%, q/q. Together with some revisions to back data, this meant that the economy grew by 0.9% in 2019 as a whole. The key driver of annual growth in the fourth quarter from the expenditure side were private consumption (6.8%) and machinery and equipment investment (11.7%), the latter boosted by base effects after several quarters of shrinkage. Credit impulse, which has picked up again in the fourth quarter driven by a significant surge in consumer credit was arguably the key driver of the sequential pick-up in growth.

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