Türkiye’s economy grew 2.5% year-over-year in the second quarter of 2024, slightly below economists’ expectations, official data showed on Monday, with growth easing from the previous quarter as tight economic policies weighed.
The country’s gross domestic product (GDP) for the April-June period reached TL 9.95 trillion at current prices, or approximately $308.16 billion, as reported by the Turkish Statistical Institute (TurkStat).
The figure slowed from a downwardly revised 5.3% growth in the first quarter and fell below market expectations as economists surveyed by Anadolu Agency (AA) on Friday had estimated the economy would expand by 3%.
In a Reuters poll, the economy was forecast to have expanded 3.2% in the second quarter. It predicted growth of 3.35% in 2024 as a whole.
Second-quarter GDP grew 0.1% from the previous quarter on a seasonally and calendar-adjusted basis, data from TurkStat showed.
Growth in the period between January and March was driven by strong domestic demand with rising minimum wage and expectations of higher prices fueling consumption.
The Central Bank of the Republic of Türkiye (CBRT) hiked interest rates by a cumulative 4,150 basis points from last June through March to curb soaring prices.
