Growth slows in Q2, but remains positive

TURKEY - Report 01 Sep 2021 by Murat Ucer

Turkey's GDP increased by 21.7% in the second quarter of the year, over the same period of last year, broadly in line with expectations.

In calendar- and seasonally-adjusted terms, growth slowed to 0.9%, q/q, from 2.2% (revised up from 1.7%) in the first quarter (Graph 1), suggesting that much of growth in the second quarter – never mind the flashy headlines -- was driven by a favorable base effect, related to last year's lockdown measures.

Although year-on-year growth rates are highly misleading – in fact, almost meaningless, we think-- in terms of gauging the momentum of the economy, let us follow the convention, and start with these.

Now read on...

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