Turkey’s Economic Growth Picks Up Despite Shock Rate Hike

Turkey’s economic growth remained resilient in the second quarter despite an emergency interest-rate hike by the central bank in March.

Gross domestic product expanded 1.6% on a quarterly basis, up from a revised 0.7% in the preceding three-month period when adjusted for seasonality and working days, Turkey’s statistics office said on Monday. The median estimate in a Bloomberg survey of economists projected an expansion of 0.6%.