Anemic growth, signs of rebalancing

TURKEY - Report 30 Nov 2023 by Murat Ucer

The Turkish economy grew by 5.9%, y/y, in the third quarter of the year, broadly in line with expectations, while in working-day and seasonally adjusted (WDSA) terms, growth slowed visibly to 0.3%, q/q, after surging in the previous quarter, which, incidentally, has been revised down slightly to 3.3%, q/q (Graph 1).

As usual, we focus on the quarterly/sequential data, its somewhat noisy nature notwithstanding, given that the annual data conveys little information regarding the latest momentum and character of economic activity because of strong base effects from last year (see Tables 1-2 below for the annual numbers).

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