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GDP Rises 1% Q/Q in Q4, Well Above Expectations

TURKEY
  • GDP in Q4 expanded 1% Q/Q in seasonally and working-day adjusted terms, according to data published this morning. The data came in well above market expectations (Est: +0.3%) and marked a slight acceleration from growth in Q3, when GDP expanded just 0.3%. Year-on-year, GDP expanded 4.0% in Q4 (Est: +3.5%; Prior: +6.1%r). Final consumption expenditure of resident households increased by 12.8% in 2023 (accounting for 59.1% of GDP), up a significant 9.3% on the quarter.
  • Following the data, Finance Minster Simsek posted on X: “We are moving toward better quality growth with investment and exports that we strongly support… In 2024, we expect moderate and balanced growth, with net external demand making a positive contribution.”
  • Looking ahead, the central bank will publish a summary of its Feb 22 rate decision meeting at 11:00GMT/14:00 local time while the Treasury & Finance Ministry publishes its 3-month domestic borrowing plan at 14:00GMT/17:00 local time.

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