We have raised our 2025 GDP growth forecast for Turkey by 1ppt to 2.9%, following a 3.2% expansion last year. The higher projection for this year reflects better-than-expected growth at the end of 2024, which boosted the carryover, and limited evidence of activity slowing at the start of this year. Indeed, the pick-up in January retail sales suggests wage increases continue to shore up spending momentum and we have tempered our expectations of consumer pullback this year.
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