Turkey’s economy slowed less than predicted in the second quarter, with activity set to remain subdued for the rest of the year as officials seek to put growth on a more sustainable footing by raising interest rates.
Gross domestic product expanded an annual 3.8% from a downwardly revised 3.9% in the first three months of the year, according to data published on Thursday. Estimates in a Bloomberg survey of analysts ranged widely, with the median forecast at 3.1%.
Quarterly growth quickened sharply to 3.5% in seasonally and working-day adjusted terms, as household consumption remained strong through May thanks to heavy pre-election spending by President Recep Tayyip Erdogan. The president’s new economic team, led by Finance Minister Mehmet Simsek and central bank Governor Hafize Gaye Erkan, is trying to slow inflation of almost 50%, which has inflicted a severe cost-of-living crisis on Turks.
Leading indicators, including retail sales, suggested consumption remained strong in the second quarter, though industrial and export sectors slowed. Industrial production still shows limited recovery from February’s devastating earthquakes.“Disinflation and structural change in the economy will speed up,” he said in a post on social media platform X, formerly known as Twitter.
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