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Turkey Notches Solid GDP Growth in Q4-2015

Data released this morning showed that real GDP in Turkey grew at a year-over-year rate of 5.7 percent in Q4-2015.

Although the outturn was stronger than the 5.0 percent rate that the consensus forecast had anticipated, there were some factors that artificially boosted the growth rate. First, there were more workdays in the fourth quarter of 2015 than there were during the same period in 2014. On a workday-adjusted basis, real GDP grew at a sequential rate of 0.7 percent (not annualized) and at a year-over-year rate of 4.1 percent in the fourth quarter. Both outturns were in line with the consensus forecast. In addition, the 2.6 percent decline in imports helped to boost the overall rate of real GDP growth. (Recall that imports subtract from overall GDP growth.)

Read the complete Wells Fargo commentary here:  turkey-Q42015-gdp-20160331

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