The Turkish Statistical Institute (TÜİK) announced GDP rates for the second quarter of 2014 on Wednesday. Turkey's GDP grew 2.1 percent, reaching 30,803 million Turkish liras in Q2 versus 4.3 in Q1, which is revized as 4.7, and the domestic fell against the dollar after the data.
Q2 growth rate was expected as 2.7 percent by economists, while overall growth was expected as 3,2 percent in 2014.
The Central Bank of the Republic of Turkey, whose credibility is in tatters, left the key interest rate unchanged last month but the government will likely increase the pressure on it to cut rates again if growth continues to slow. As such, the lira is likely to remain under pressure against the dollar.
Manufacturing industry increased by 2 percent and reached to 7,835 million Turkish Liras, financial and insurance activities increased by 7.1 percent and reached 3,710 million Turkish Liras.
The TÜİK also revized 2013 annual growth rate from 4 percent to 4.1.
GDP increase at current prices are announced as 9.7 percent.
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