ANKARA, Sept. 2 (Xinhua) -- Türkiye's economy grew 2.5 percent year-on-year in the second quarter of this year, falling short of expectations, showed official data on Monday.
The figure fell below market expectations at around 3 percent.
The country's gross domestic product (GDP) only saw a slim growth of 0.1 percent from the previous quarter, according to the Turkish Statistical Institute.
The data indicated that the contribution of domestic demand to growth declined to 1.2 percentage points, while net foreign demand contributed 1.3 points.
The slowdown came amid a-year-long monetary tightening. Since last June, the central bank has raised its key interest rate from 8.5 to 50 percent to curb the rocketing inflation, which peaked at 75 percent in May and fell to 61.78 percent in July.
"Growth started to rebalance, the current account deficit narrowed, the risk premium decreased, foreign resource inflows increased, reserves improved, and we entered the disinflation process," Turkish Finance Minister Mehmet Simsek said Monday on social media platform X.
The unemployment rate remained at 8.8 percent in the second quarter, while employment increased by 205,000 people from the previous quarter, the minister said.
"We expect our strengthening macro-financial stability and the more accommodative global conditions to contain the short-term effects of disinflation on growth," he added. ■
