Turkish GDP surprises on up side

Turkey’s economy smashed expectations in the second quarter of the year, official data showed yesterday. The country’s GDP grew by 8.8 per cent compared to the same time last year, after surprising growth of 1.3 per cent compared to the first three months of the year. “The markets had been led to believe by the central bank that there would be no growth in the second quarter,” said Daiwa’s Donald Egginton.