Turkey’s economy showed stronger-than-expected growth in the second quarter, even after the central bank implemented a surprise interest rate increase in March to counter inflationary pressures. According to data released by the country’s statistical authority on Monday, gross domestic product rose by 1.6% compared to the previous quarter, a notable improvement from the seasonally and working-day-adjusted 0.7% growth recorded in the first quarter. This outcome surpassed expectations, as a Bloomberg survey of economists had forecast a more modest 0.6% expansion. The resilience suggests that domestic demand and industrial activity may have withstood the tightening monetary policy better than anticipated.
— news from Bloomberg.com
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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. n nGross 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%.