Seyfettin Gürsel and Arda Aktaş
According to seasonally adjusted and calendar day corrected GDP figures, Turkish economy grew by 5.5 percent in the second quarter of 2009 compared to the first quarter[1]. This growth is mainly driven by a surge in consumer expenditures – fueled by the tax cuts implemented in this quarter- and by a change in inventories. Looking ahead, we expect that the current trend will continue in the third quarter, and that the quarterly GDP growth rate in year-on-year basis will turn positive in the fourth quarter.
[1] Note that this is on a quarter on quarter (QoQ) basis. It is not annualized.
doc. ResearchBrief045
pdf. ResearchBrief045