Whopping sequential growth in Q1

TURKEY - Report 31 May 2024 by Murat Ucer

The Turkish economy grew by 5.7%, y/y, and 2.4%, q/q, in the first quarter of the year (Graph 1). The latter is much higher than (at least this author) expected and is rather broad-based, too, propelled by all demand engines with private consumption, government consumption, investment and exports all registering solid growth rates, and imports contracting, therefore making a positive contribution to GDP growth (see Graph 2 for absolute quarter-on-quarter growth rates and Graph 3 for “contributions” calculated following the IMF methodology).

As usual, we focus on the sequential data here, which is more informative on the latest state of economic activity and provide annual figures in Tables 1-2 below for reference.

Now read on...

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