Domestic demand shrinks in Q1

TURKEY - Report 30 May 2025 by Murat Ucer

The Turkish economy grew by 1% in the first quarter of the year, sequentially, which was notably less than expected (around 1.5%), while annual growth was 2.0%, y/y (Graph 1). The expenditure composition of growth is starkly different in annual vs. sequential (quarter-on-quarter) data, with domestic demand driving growth in the former (with a negative contribution from net exports) vs net exports driving growth in the latter (with a negative contribution from domestic demand).

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