Türkiye's economy expanded at a moderate pace in the second quarter despite a sharp slowdown in domestic demand amid tight monetary policy and the Iran war impact, official data showed Monday.
Gross domestic product (GDP) grew 2.3% on an annual basis in the April-June period, the Turkish Statistical Institute (TurkStat) said. That compared with market forecasts ranging from 2.5% to 2.9%.
Treasury and Finance Minister Mehmet Şimşek said growth would rise after the "balanced" second-quarter expansion, which he said came despite heightened geopolitical tensions and difficult global conditions.
"Thanks to progress in the disinflation process and more supportive global conditions, we expect growth to gradually increase in the coming period," Şimşek said in a statement after the data.
GDP grew 1.1% from the previous quarter on a seasonally and calendar-adjusted basis, compared with a revised 0.3% in the previous three months, the data showed.
