Turkey GDP growth likely to accelerate in Q4 2015

Turkey posted a robust economic growth of 1.3% q/q and 5.4% y/y in Q3 after adjusting the number of working days. With this figure, the economy recorded highest year on year growth since 2011.

Private consumption expanded by 1.4% q/q was the key driving factor of the growth rate in Q3. Confidence as well as PMI for the manufacturing sector improved in November; therefore, the growth outlook is expected to be better in Q4 also.

"Adjusted for working days, GDP growth will most likely be well above 4% in 2015, while we still forecast growth somewhat below 4% in 2016", estimates Nordea bank.