Türkiye’s economy hikes by 3.8% in Q2 – data

Türkiye’s economy increased by 3.8 percent in the second quarter, more than expected due to strong household spending, according to Turkish Statistical Institute data showed on Thursday.

Gross domestic product (GDP) expanded 3.5 percent from the previous quarter on a seasonally and calendar-adjusted basis, also outstripping forecasts, the data also mentioned.

The president’s new economic team, led by Finance Minister Mehmet Simsek and central bank Governor Hafize Gaye Erkan, is trying to slow inflation of almost 50 percent, which has inflicted a severe cost-of-living crisis on Turks.