Turkish economy continued to expand strongly in Q22017thanks to resilientprivate consumption and external demand as well as a remarkable rebound ininvestments (construction).    GDP growth in Turkey decelerated marginally to 5.1% (unadjusted) in Q22017compared to 5.2% previously (revised up from 5%). Working-day adjustedgrowth was pretty strong at 6.5%YoY after 4.9% in Q2. Sequential growthalso gained momentum (2.1%QoQ, seasonally and working-day adjusted, versus1.3% in Q42016), which was slightly stronger than the expansion signaled byindustrial production during the quarter. Credit impulse strengthened further,having supported both private consumption and construction. Exports continuedto expand markedly thanks to weak TRY and reviving external demand.    Details reveal domestic absorption was still the main driver; yet with a differentdecomposition this time round. While contribution by private consumptionremained resilient at 1.9percentage points (pp) - versus 2.2pp in the precedingquarter, government spending deducted 0.6pp from the headline. Publicexpenditures were also down in quarterly terms, pointing to factors at playbeyond base effects. Such softness in government spending was a bit at oddswith stronger fiscal impulse unleashed during Q2, pointing to possibility ofroom for some revision in subsequent updates. Fixed investments were prettystrong this time (9.5%YoY), and accounted for 2.9pp of the annual headline. Theboost almost entirely emanated from construction (25%) thanks to tax changes,lower mortgage rates, and nationwide campaigns on residential investments allpropping up demand. Machinery and equipment continued to retreat (-8.6%YoY),which is hardly positive for potential growth prospects. Exports continued toexpand in double-digits (10.5%) on the back of weak TRY and improved Europeandemand. Import growth displayed a measured recovery (2.3%YoY) probably dueto better investments. Accordingly, net exports' contribution to the headlinegrowth was still relatively strong at 1.7pp. Inventory depletion remained as a drag,having deducted 0.8from the annual growth.    On the production side, all sub items remained in positive territory. Agriculturereached 4.7%YoY (after 1.7% previously) while manufacturing output remainedalmost unchanged at 6%YoY. Value-add by construction was slightly better at6.8%YoY while financial services remained resilient (9.4%).

声明：如本站内容不慎侵犯了您的权益，请联系邮箱：wangshiyuan@epins.cn 我们将迅速删除。