Turkey: Economy expected to slow down further - TDS

Turkey’s Q2 GDP growth came out at 5.2% Y/Y, a bit below the consensus of 5.3% and down from the prior 7.4%, notes the research team at TD Securities.

Key Quotes

“On a SA/WDA Q/Q basis growth came out at 0.9%, ahead of the consensus of 0.5%, but down from Q1's 1.5%, which itself was revised down from 2.0%.”

“The economy can be expected to slow down even further in the coming quarters given the crash in the lira since the end of June and the prospect of nominal rates increasing even further.”