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Turkey GDP Growth Slows in Q2

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Turkey GDP Annual Growth Rate | 1999-2014 | Data | Chart | Calendar
Turkey GDP Growth Slows in Q2



The Turkish economy expanded 2.1 percent year-on-year in the second quarter of 2014, slowing from a revised 4.7 percent expansion in the previous period. Investment shrank for the second straight quarter and private consumption slowed sharply.

Household consumption increased 0.4 percent year-on-year, slowing from a 3.2 percent expansion in the previous quarter. Government expenditure rose at a slower 2.4 percent, following a 9.2 percent increase in the preceding quarter.

Exports grew 5.5 percent, slowing sharply from an 11.1 percent expansion in the first quarter while imports shrank 4.6 percent following a 0.7 percent increase in previous period.

Gross fixed capital formation shrank 3.5 percent after a 0.2 percent drop in the January to March period.

On a quarter-on-quarter seasonally adjusted basis, the economy contracted 0.5 percent in the second quarter, following a revised 1.8 percent expansion in the previous three months.

0c03ce4ed0261b6a7a8af78751d1229a.png
 
Its a planned slow down to keep the Foreign trade deficit under controll, successfully so far.


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Turkey’s foreign trade deficit has dropped for the seventh month in a row, according to figures released by the Turkish Statistical Institute (TurkStat) on Aug. 29.

July’s deficit this year dropped to $6.46 billion from $9.9 billion compared to the same month of last year, shrinking by 34.8 percent, figures in TurkStat’s report showed. Deficit figures have been receding since late January this year when the Central Bank introduced drastic interest rate rises to prevent the value of the Turkish Lira from sliding against the U.S. dollar.

The institute reported that July exports were at $13.4 billion, a 2.6 percent increase compared to the same month last year, and imports at $19.8 billion, showing a 13.5 percent decrease. In line with the moderate recovery of Europe, exports to the European Union rose to $6 billion with an 11.1 percent increase in July compared to the same month in 2013.

On July 23, Deputy Prime Minister Ali Babacan said the country had implemented economic measures to combat the effects of the European recovery, which has led to a 10 to 20 percent increase in exports to countries such as Germany, Spain and the United Kingdom.

Turkey’s foreign trade deficit shrinks again - ECONOMICS
 
Its a planned slow down to keep the Foreign trade deficit under controll, successfully so far.


_________________________________________________________________________________

Turkey’s foreign trade deficit has dropped for the seventh month in a row, according to figures released by the Turkish Statistical Institute (TurkStat) on Aug. 29.

July’s deficit this year dropped to $6.46 billion from $9.9 billion compared to the same month of last year, shrinking by 34.8 percent, figures in TurkStat’s report showed. Deficit figures have been receding since late January this year when the Central Bank introduced drastic interest rate rises to prevent the value of the Turkish Lira from sliding against the U.S. dollar.

The institute reported that July exports were at $13.4 billion, a 2.6 percent increase compared to the same month last year, and imports at $19.8 billion, showing a 13.5 percent decrease. In line with the moderate recovery of Europe, exports to the European Union rose to $6 billion with an 11.1 percent increase in July compared to the same month in 2013.

On July 23, Deputy Prime Minister Ali Babacan said the country had implemented economic measures to combat the effects of the European recovery, which has led to a 10 to 20 percent increase in exports to countries such as Germany, Spain and the United Kingdom.

Turkey’s foreign trade deficit shrinks again - ECONOMICS
Turkish Trade Deficit Widens 13.5%


Turkey’s trade gap increased to USD 8.04 billion in August of 2014 from a USD 7.08 billion shortfall a year earlier. It is the highest trade deficit since December of 2013.

Exports increased 2.9 percent year-on-year to USD 11.44 billion in August of 2014. Sales to the EU-28 increased by 10 percent to USD 5.65 billion, accounting for 44.3 percent of total exports (41.4 percent in August of 2013). The main export partner was Germany, accounting for 9.94 percent of total sales, followed by the United Kingdom (6.8 percent), Iraq (5.6 percent) and the United States (4.6 percent).

In August, 93.7 percent of total shipments were manufactured products. 3.4 percent stand for high-technology products and 28.7 percent for medium-high-technology products.

Imports rose 7 percent over a year earlier to USD 19.47 billion. China was Turkey’s top import partner, standing for 11.6 percent of total purchases, followed by Russia (10.9 percent), Germany (8.9 percent) and Italy (5.1 percent).

On a seasonally and calendar adjusted basis, exports fell 10.5 percent in August over July and imports decreased by 4.3 percent.

Turkstat | Joana Taborda | joana.taborda@tradingeconomics.com
9/30/2014 8:53:29 AM

Turkey Balance of Trade | 1957-2014 | Data | Chart | Calendar | Forecast
f415b861f3fca0b8e713037382973d47.png
 
Turkish Trade Deficit Widens 13.5%


Turkey’s trade gap increased to USD 8.04 billion in August of 2014 from a USD 7.08 billion shortfall a year earlier. It is the highest trade deficit since December of 2013.

Exports increased 2.9 percent year-on-year to USD 11.44 billion in August of 2014. Sales to the EU-28 increased by 10 percent to USD 5.65 billion, accounting for 44.3 percent of total exports (41.4 percent in August of 2013). The main export partner was Germany, accounting for 9.94 percent of total sales, followed by the United Kingdom (6.8 percent), Iraq (5.6 percent) and the United States (4.6 percent).

In August, 93.7 percent of total shipments were manufactured products. 3.4 percent stand for high-technology products and 28.7 percent for medium-high-technology products.

Imports rose 7 percent over a year earlier to USD 19.47 billion. China was Turkey’s top import partner, standing for 11.6 percent of total purchases, followed by Russia (10.9 percent), Germany (8.9 percent) and Italy (5.1 percent).

On a seasonally and calendar adjusted basis, exports fell 10.5 percent in August over July and imports decreased by 4.3 percent.

Turkstat | Joana Taborda | joana.taborda@tradingeconomics.com
9/30/2014 8:53:29 AM

Turkey Balance of Trade | 1957-2014 | Data | Chart | Calendar | Forecast
View attachment 100130
The crisis in Iraq hit the export hard, 70% of Turkish exports to Iraq are going to Kurdish region.

Loss in Turkish exports to Iraq reaches 30 percent - ECONOMICS
 
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