Turkey GDP Growth Smallest Six Years

The Turkish economy expanded 2.3% year-on-year in Q2 2026, easing from an upwardly revised 2.6% growth in Q1 and coming in below the expected 2.9% increase. This marked the softest economic expansion since a contraction in Q2 2020, as growth slowed in household consumption (3.5% vs 5.1% in Q1) and fixed investment (0.6% vs 3.1%). Government spending also declined by 1.8%, following a 0.8% increase in the previous period. In net trade, exports fell 3.4% (vs -12.7%), while imports dropped at a faster pace of 6.4% (vs -2.0%). On the production side, output contracted for construction (-1.9% vs 3.2%), while activity growth moderated for trade, transportation, accommodation and food services (0.5% vs 3.5%), and information and communication (8.6% vs 9.0%). In contrast, output rebounded for manufacturing (2.4% vs -1.3%), while it accelerated for agriculture, forestry and fishing (13.3% vs 4.8%). On a quarterly basis, GDP grew 1.1%, the most in a year, following a 0.3% expansion in Q1.

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