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GDP Seen Slowing in Q1

TURKEY
  • Q1 GDP data crosses at 10am local time (0800BST/0300ET) and is expected to show growth slowed to 1.3% on the quarter and 7.2% on a Y/Y basis. The numbers cross alongside April trade balance which is expected to show an improvement in the deficit to $6.1bln. Elsewhere, the foreign minister Cavusoglu is due to speak to Anadolu at the same time.
  • Ahead of the GDP release, finance minister Nebati said he saw leading indicators pointing to a 7% growth clip in Q1 – and forecast strong and balanced growth. He again cited the temporary nature of current inflation pressures, but defended the government’s measures to ease the pressure of inflation on the population.
  • Elsewhere, DuvaR write that Turkey’s currency crisis is set to worsen due to severely depleted reserves at the Turkish central bank. The pieces cites data showing CBRT’s net reserves as having dropped to - $55bln once the domestic bank FX swap deals are accounted for. DuvaR also touch on the newly-created savings accounts, which could lose their appeal as the Summer ‘rollover’ dates approach. A drop in interest for the accounts could prompt renewed interest in FX and gold purchases.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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