Turkey's Fast-Paced GDP Growth Shows Signs of Slowdown Ahead
- Private consumption growth falls to 6.3% from 9.3% during 1Q
- Report shows growth is slowing amid financial volatility
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After one of the best growth performances among peers in the second quarter, Turkey’s economy is showing signs of a slowdown that some investors say will morph into a technical recession later in the year.
Gross domestic output rose 5.2 percent during the three months through June from a year earlier, in line with the median estimate of 5.3 percent in a Bloomberg survey. While that keeps Turkey’s place among the world’s fastest-growing nations, a deeper dive into the data shows consumers and investors starting to hit the brakes, while government spending and exporters prevented a more rapid slowdown.