Stagnation in the first quarter

TURKEY - Report 01 Jun 2026 by Murat Ucer

The Turkish economy grew by 2.5%, y/y, in the first quarter of 2026, lower than market expectations (2.7%) and the 3.4% growth recorded in the previous quarter. Sequentially, i.e., on a quarter-on-quarter basis, growth continued to lose momentum visibly, barely moving in the quarter (0.13%, q/q), and basically pointing to stagnation in economic activity. It is worth highlighting that this marked the weakest quarterly growth performance since the modest contraction recorded in the second quarter of 2024.

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