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The Turkish economy grew by 7.6% in the second quarter

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The Turkish economy grew 7.6% in the second quarter from a year earlier, slightly more than expected, according to official data published on Wednesday, boosted by strong exports and domestic and foreign demand.

Turkey’s gross domestic product (GDP) expanded 2.1% from the previous quarter, on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed.

According to a Reuters poll, the economy was expected to expand 7.5% in the second quarter and growth for the full year is expected to be 4%. Analysts believe that growth will fall in the second half of the year, due to a downward trend in domestic and external demand, given the expected slowdown in Turkey’s main trading partners.

Last year, the Turkish economy recovered strongly from the COVID-19 pandemic and grew by a staggering 11.4%, its highest rate in a decade. Annual growth in the first quarter of 2022 was revised to 7.5% from 7.3% previously, according to data on Wednesday.

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