In the first quarter, GDP rose 3.2% over the same quarter last year. The reading represented a deceleration compared to the 5.2% expansion recorded in the fourth quarter and marked, in fact, the lowest growth rate recorded since the third quarter of 2009. That said, the figure slightly overshot market expectations, which had anticipated a 3.0% rise. The slowdown in the first quarter was entirely caused by a moderation in the domestic sector. Private consumption was flat over the same period last year, down from the 3.4% expansion recorded in the final quarter of 2012. In addition, gross fixed investment decelerated from a 2.4% rise in Q4 2011 to a softer 1.6% increase. Meanwhile, the net contribution from the external side of the economy improved. Exports of goods and services accelerated from a 6.7% expansion in the fourth quarter to a 13.2% increase, the fastest pace in four years. Meanwhile, imports contracted 5.0%, virtually unchanged from the 5.1% decline recorded in the fourth quarter. As a result, the external sector
Economic growth continues to moderate in Q1
July 3, 2012
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Turkey Economic News
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.