MNI China Daily Summary: Thursday, December 12

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Turkish Economy Slows Less Than Forecast

TURKEY
  • GDP expanded an annual 3.8% from a downwardly revised 3.9% in the first three months of the year, according to data published on Thursday. Estimates in a Bloomberg survey of analysts ranged widely, with the median forecast at 3.1%. Quarterly growth quickened to 3.5% in seasonally and working-day adjusted terms, as household consumption remained strong owing to heavy pre-election spending.
  • The benchmark Borsa Istanbul equity index opened the session close to 1% higher and within close proximity of both the 8000.00 level and Tuesday’s record highs.
  • Foreign Minister Hakan Fidan is expected to hold a press conference with Russian counterpart Sergei Lavrov in Moscow. The pair are expected to discuss the Black Sea grain deal as well as other bilateral issues. President Erdogan will speak in Istanbul at 1330BST/1530 local time.
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