Türkiye | Wek supply coupled with solid demand

Summary

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Key points

• Key points:
• Our GDP nowcast indicators signal a continuing deterioration in economic activity with around stagnant quarterly GDP growth rate, which corresponds to an annual growth rate of 3.6% in 4Q23 and 3.5% as of January.
• The imbalance between demand and supply continues due to weaker production and ongoing strong demand.
• On the supply side, industrial activity adjusts more negatively, mainly led by poor export performance, while turnover indices in real terms indicate that activity in other sectors continued to deteriorate but much more slowly.
• We maintain our 2024 GDP growth forecast at 3.5%, which will follow a growth of nearly 4.5% in 2023.

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