Turkish economy expands 4.8% in Q2, above expectations
Baku, September 1, AZERTAC
The Turkish economy gained pace in the second quarter, growing 4.8% year-over-year, well above market expectations, Daily Sabah reported citing official data.
Second-quarter gross domestic product (GDP) grew 1.6% from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute (TurkStat) showed.
The acceleration in the Turkish economy came after the country's central bank began lowering interest rates at the end of last year and despite a short-lived tightening effort again in April.
The growth of 4.8% from April through June marked an acceleration from the revised 2.3% expansion in the first three months of the year, the data revealed.
The expectations for the pace of growth in Q2 ranged from 3.8% to 4.1%, according to several polls last week.
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