Turkiye’s early-2023 GDP growth to slow as economic woes mount

Battle ahead: Customers use ATMs in Ankara. The Turkyish economy was boosted at the start of the year by pre-election spending, but will probably be tougher for the rest of the year as the newly re-elected president battles a cost-of-living crisis. — Bloomberg

ISTANBUL: Turkiye’s economy was boosted at the start of the year by pre-election spending and strong household consumption. The rest of 2023 will probably be tougher as the newly re-elected president battles a cost-of-living crisis.

Gross domestic product (GDP) probably grew 3.5% year-on-year in the first quarter and 0.5% from the previous period, according to a Bloomberg survey.