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Turkey Growth Outpaces All Peers Except China on Consumption

  • Turkey’s economy grew 5.9% in fourth quarter from year earlier
  • Full-year GDP growth at 1.8% in 2020, trails that of China
Updated on

Turkey’s economy outperformed all peers except China in the final quarter of last year, driven by lower interest rates and a credit binge that boosted domestic consumption while destabilizing the currency.

Gross domestic product expanded 5.9% from a year earlier, faster than all G-20 nations except China’s 6.5%. The median of 20 forecasts in a Bloomberg survey was for 6.9% expansion.