Growth loses momentum, as expected

TURKEY - Report 10 Sep 2018 by Murat Ucer

The Turkish economy grew by 5.2%, y/y, and 0.9%, q/q, in the second quarter of 2018, broadly in line with expectations, which corresponds to a noticeable slowdown over the previous quarter – from Q1's (downwardly-revised) 7.3% and 1.5% growth rates, respectively.

On the expenditure side, the main driver of growth was domestic demand -- mainly private and public consumption, while investment slowed markedly, with the machinery and equipment investment staying broadly flat over the same quarter of previous year. After the downwardly-revised yet still hefty 9.3% growth in Q1, household consumption rose at another solid 6.3% rate in Q2, y/y, led by consumption of non-durable goods, making the most significant contribution to GDP growth.

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