Türkiye’s economy grew by 4.8 per cent in the second quarter, above expectations despite a prolonged monetary tightening effort, official data showed yesterday.
Second-quarter gross domestic product grew 1.6pc from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed.
Economists said the quarter had benefited from having more working days than in the same period the year before, and from last year’s low base.
In a Reuters poll, the economy was forecast to have grown by 4.1pc in the second quarter and by 2.9pc for 2025 as a whole.
The government forecasts 4pc growth this year. It is expected to update its forecasts early this month.
Growth in the first quarter was revised up to 2.3pc from 2pc, the data also showed, while economic expansion was revised up slightly to 3.3pc from the previous 3.2pc last year.
The institute also published a document along with the data detailing the revision of its Gross Domestic Product series as part of efforts to align with the European System of National Accounts.
In December, the central bank started an easing cycle after having kept the main policy rate steady for eight months. Inflation has dipped from as high as 75pc last year.
The central bank tightened policy in April in a move to ensure stability following market turmoil that erupted over the arrest of Istanbul Mayor Ekrem Imamoglu, President Tayyip Erdogan’s main political rival.
The bank recently returned to policy easing last month, with inflation falling to around 33pc and said the impact of tight policy can be seen in a slowdown in demand conditions.
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