Turkey's GDP growth slows to 2.3% in Q2
Turkey's economy grew by 2.3% year-on-year in the second quarter, marking the weakest growth since the second quarter of 2020, driven by a decline in industrial production and a slowdown in consumer spending and investments.
Consensus
- Turkey's GDP grew by 2.3% year on year in the second quarter.
- The growth rate in the second quarter was the weakest since the second quarter of 2020.
- Industrial production declined by 1.4% year on year in June.
- Consumer spending increased by 3.5% year on year in the second quarter.
- The Central Bank of Turkey maintained its key interest rate at 37% since January.
- Inflation slowed slightly from 32.1% in June to 31.8% in July.
- The rate of unemployment increased to 8.1% in July from 7.6% in June.
- Labor force participation rate decreased to 52.5% in July from 52.9% in June.
Points of divergence
- The first quarter GDP growth was reported as 2.5% year on year. — kommersant
- The first quarter GDP growth was revised upward to 2.6% year on year from the previously reported 2.5%. — interfax
- Consumer spending growth slowed to 3.5% in the second quarter from 5.1% in the first quarter. — interfax
- Investment in fixed capital slowed to 0.6% in the second quarter from 3.1% in the first quarter. — interfax
- Government spending decreased by 1.8% year on year, compared to a 0.8% increase in the first quarter. — interfax
- Exports decreased by 3.4% year on year and imports by 6.4% year on year. — interfax
- Quarter-on-quarter GDP growth was 1.1% in April-June, up from 0.3% in the first quarter. — interfax
Coverage (2 sources)
- Turkey's economy grew by 2.3% year on year in the second quarter — Коммерсантъ
- GDP growth in Turkey in Q2 showed the worst dynamics since 2020 — Интерфакс