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Turkey GDP expands 0.3% in Q2, household spending down

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Staff Writer | September 12, 2016
Turkey GDP
Economy in Turkey   Government spending increased 3.8 percent

The Turkish economy advanced 0.3 percent on quarter in the three months to June of 2016, slowing from a downwardly revised 0.7 percent expansion in the previous period.

It is the weakest growth rate in seven quarters, supported by government spending and a rebound in investment while exports and household spending shrank.

Household spending declined 0.5 percent, the first contraction in two years and following a 2.5 percent rise in the previous period.

In contrast, government spending increased 3.8 percent (4.8 percent in Q1) and gross fixed capital formation went up 5.4 percent, recovering from a 1.7 percent drop in the previous period. Private investment rose 6 percent and public one went up 2.7 percent.

Exports slumped 2.8 percent, following a 2.3 percent increase in the previous period and imports growth slowed 0.5 percent (5.4 percent in Q1).

Year-on-year, the economy expanded 3.1 percent, slowing from a 4.7 percent rise in the previous period and below market expectations of a 3.4 percent rise.

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