Turkey | Still solid activity in April…to decelerate

The Industrial production (IP) grew by 6.2% yoy in calendar adjusted terms, slightly above the market consensus of 5.65% in April. Our monthly GDP indicator still nowcasts slightly below 6% yoy growth for 2Q18 as of May. Considering the overheating in the 1Q and the 500bps tightening in last two months, we expect GDP growth to be near 3.5% this year.

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