On Growth and Trade Data

TURKEY - Report 31 Mar 2014 by Murat Ucer
GDP: Headline solid, momentum slowing, quality low… GDP growth in Q4 was a somewhat stronger than expected 4.4%, y/y, though data pointed to a relative slowdown in q/q terms, to 0.5% (SAAR: 2%) from 0.8% a quarter earlier, and an even stronger near-2% pace during the first half of the year (Table 1; Graphs 1-2). Growth has thus ended the year at little over 4%, around the average of the past 5 years (Graph 3). The expenditure composition was broadly similar to the other quarters of the year, driven by private consumption, public spending and restocking. In 2013 as a whole, we saw economy ro...

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