Growth slows sharply in Q3

TURKEY - Report 10 Dec 2018 by Murat Ucer

After registering annual growth rates of 7.2% and 5.3% in the past two quarters, GDP slowed markedly to 1.6% in the third quarter of the year, which was somewhat weaker than expectations. Much more notably, however, GDP contracted quite a bit sharper than expected in quarterly terms (working-day and seasonally adjusted), registering a 1.1% drop, from a (downwardly revised) 0.6% in Q2 (Table 1; Graph 1). These figures show that the momentum loss of the second quarter has now morphed into a visible contraction in Q3, which we expect to deepen further in Q4.

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