Turkey GDP


Turkey: Economic growth continues to moderate in Q1

July 3, 2012

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


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