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Turkish Economy Surpasses Q2 Growth Forecast
Turkey's economic growth increased by 1.1% in the second quarter, reaching $1.7 trillion, surpassing analysts' expectations of $1 trillion. Year-on-year, growth slowed to 2.3% compared to 2.6% in the previous quarter, with household consumption growth declining to 3.5% from 5.1%. Experts forecast that the economy will achieve an annual growth rate of 2.9% by the end of the year, amid continued inflation slowdown and expectations of no immediate interest rate cuts, as new inflation data remains awaited. Following the release of the data, Turkish bank shares fell by 0.6%, amid the Central Bank of Turkey's efforts to adjust financing rates to be less steep, with any interest rate cuts contingent upon clear signals of weak domestic demand and its impact on inflation.
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