Turkish economy growth slowed in Q2 2016 amid the decline in private sector investment. The gross domestic product grew by 3.1% in the period April-June compared with 4.7% in the previous quarter. The median forecast of the economists was for growth of 3.7%. The figures do not reflect the impact of the attempted military coup in July that shook markets and lower prices of Turkish stocks.
Meanwhile, data on GDP growth for the first half were reduced slightly from 4.9% to 4.7%. The statistics do not match forecasts for the first time since the third quarter of 2014. For the period between April and June this year, private investment shrank by 1.6% yoy, while household consumption remained at a high level after the Turkish Central Bank lowered borrowing costs.
The household consumption consumption grew by 5.2% compared to 7.1% in the previous quarter. The government spending increased by 15.9% from 10.9% between January and March.
After the data report, the Turkish lira weakened and its value lowered by 0.3% against the dollar.
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