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The Turkish economy continues to slow following a strong start to 2013 due to unfavourable financing conditions, with growth of 0.5% q/q in Q4 after 0.7% in Q3. Low appetite for risk in global financial markets resulted in an outflow of capital, which dampened the value of the Lira and triggered aggressive monetary tightening at the start of 2014. This continues to put pressure on thus far resilient consumer spending. On the other hand net exports, which were muted last year, are now benefitting from the weak Lira and are expected to drive growth this year, with positive knock-on effects on industrial production.
Source : Cushman & Wakefield
