Turkey’s economy performed better than expected in Q1, with GDP rising by 1.2% q/q, as the boost to net trade from the lira’s collapse late last year more than offset the blow to household spending from the surge in inflation. Economic growth is likely to be sluggish over the coming quarters but, even so, we have revised up our GDP growth forecast for this year to 4.3% (from 0.3% previously).
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