Government, stocks drive Q2 growth

TURKEY - Report 10 Sep 2013 by Murat Ucer
Today’s Q2 GDP growth came in at 4.4%, y/y, which was higher than the consensus forecast of some 3.5%, and our even softer estimate of 2.5%. Growth was driven by private consumption, government spending (notably investment) and inventory build-up, all of which turned out fairly stronger than our readings based on preliminary indicators. On the other hand, private investment remained weak shrinking by 2%, y/y, and net exports shaved off some 3 percentage points (pps) from overall GDP growth, which were broadly in line with our expectations (Table 1; Graphs 1-2). Together with Q1’s 2.9% growt...

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