Economics

Inflation Blowout Stretches Turkish Economy in Test for Consumer

Turkish economy lost momentum as expansion continues this year
Signs emerge that lira, inflation becoming drag on growth

Turkey’s GDP rose 7.3% in the January-to-March period from a year earlier. — Turkey’s GDP rose 7.3% in the January-to-March period from a year earlier.
Photographer: Erhan Demirtas/Bloomberg

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By Beril Akman

May 31, 2022 at 7:10 AM UTC

Updated on

May 31, 2022 at 9:56 AM UTC

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The fastest inflation since President Recep Tayyip Erdogan took power two decades ago was a jolt for Turkish consumer demand, tripping up the economy at the start of the year and likely shaping the outlook in the months ahead.