Economic activity slows visibly in Q1

TURKEY - Report 31 May 2023 by Murat Ucer

The Turkish economy expanded by a faster than expected 4% on an annual basis (2022Q4: 3.5%), but by a meager 0.3% over the previous quarter, down from 0.9% in Q4 of last year (Graph 1). Focusing, as usual, on the sequential (quarter-on-quarter) data, which is more informative in terms of the latest momentum (notwithstanding its noisier nature), growth in the quarter appears driven chiefly by gross fixed capital formation and stock build-up, the latter including statistical error. (See Graphs 2-3 for “contributions” calculated using IMF methodology and absolute percentage growth rates, respectively).

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