Growth accelerates in Q2, remains unbalanced

TURKEY - Report 31 Aug 2023 by Murat Ucer

The Turkish economy expanded by 3.8%, y/y, and 3.5%, q/q, in the second quarter of the year. While GDP growth has been broadly stable in the past few quarters in annual terms (i.e., over the same quarter of the previous year; Graph 1), it has been rather volatile in sequential terms (q/q), posting a sharp surge in Q2, after a (downwardly revised) slight drop in the first quarter of the year.

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