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TURKEY: 1Q GDP Rises 5.7% Y/Y, CBRT to Publish Data on FX-Protected Accounts

TURKEY
  • GDP rose 5.7% y/y (Est: +5.8%) in 1Q versus +4.0% in 4Q, according to the Turkish Statistical Institute. Quarter-on-quarter, GDP rose 2.4% (Est: +1.6%) compared to +1.0% prior. According to the minutes of the CBRT’s latest rate-setting meeting, “recent indicators point to a slowdown in domestic demand compared to the first quarter.” Indeed, most sell-side analysts are expecting growth to slow from 2Q onward as tight monetary policy weighs on demand.
  • China’s MOFA announced that Turkey’s Foreign Minister Hakan Fidan will visit China from June 3 to June 5, Bloomberg report.
  • The central bank starts publishing detailed data on FX-protected deposit accounts, with the release of the April figures set to cross at 12:30BST/14:30 local time. There are no other economic releases left on the docket for the remainder of the week, with CPI data providing the highlight on Monday next week.

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