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Turkiye’s economic growth remained resilient in the second quarter despite an emergency interest-rate hike by the central bank in March.Gross domestic product expanded 1.6% on a quarterly basis, up from a revised 0.7% in the preceding three-month period when adjusted for seasonality and working days, Turkiye’s statistics office said on Monday. The median estimate in a Bloomberg survey of economists projected an expansion of 0.6%.The economy grew 4.8% annually, compared with the median estimate of 4.1% in the survey and a revised 2.3% in the preceding quarter. The acceleration was largely down to the higher number of working days Turkiye had this year compared to 2024, QNB Turkiye economists led by Erkin Isik said in a research note ahead of the data release.The surprise boost came after the Turkish central bank raised interest rates in an unscheduled meeting in March to mitigate the market fallout following the jailing of a prominent opposition politician, reversing a cycle of rate cuts it had just begun. Even so, domestic demand climbed at the fastest pace in more than a year, leading the surge in annual growth. The central bank resumed its cuts in July, lowering the main policy rate to 43% from 46%.Spending by households, which is the main driver of Turkiye’s economy, rose 5.1%, the highest rate since the first quarter of 2024, Turkstat said.“On the surface, Turkiye’s especially strong growth data for the second quarter could be seen as reason to derail the central bank’s easing path. But activity is likely to post slower gains ahead and we maintain our call for rate cuts at all remaining meetings this year amid falling inflation,” says Selva Bahar Baziki, economist, Bloomberg Economics.“Today’s figures provide worrying evidence that domestic demand is too strong, which may prevent the current account deficit from narrowing further and inflation from falling as quickly as policymakers want,” Capital Economics’ chief emerging markets economist William Jackson said in a note. Though August inflation figures, which will be released on Wednesday, will give a better sense of that, Monday’s GDP report suggests the central bank “will not lower interest rates as quickly as we currently expect,” he said. Jackson currently sees the main policy rate reduced to 37% at the end of the year.Gross fixed capital formation, a measure of investments by businesses, soared by nearly 9% in the second quarter from a year earlier, while exports of goods and services increased by 1.7% from a year earlier, and up from 0.1% the prior quarter.The lira was little changed after the data release, trading 0.1% higher at 41.1182 per the US dollar at 10.57am in Istanbul.Monday’s release marks the first time Turkstat published revised growth data, which the agency said was carried out for better compliance with international peers.

Qatar residents and visitors have a final opportunity to immerse themselves in a captivating exploration of personal and collective memories at the “Printed Nostalgia” exhibition on view at Fire Station: Artists in Residence until September 1. The exhibition, curated by Saida Alkhulaifi and Fatima AlZaini, takes visitors on a journey through the evocative power of printed works at Gallery 4 of Fire Station. “Printed Nostalgia” showcases a diverse range of artistic perspectives, with contributing artists hailing from Qatar, Pakistan, Egypt, Turkiye, Morocco, Sudan, the US, the UAE, Bahrain, Saudi Arabia, Algeria, Kenya, Yemen, Tunisia, Jordan, Iran, and Syria, among other countries. Through their prints, Qatar Museums (QM) noted that these artists dig deeper into themes of architecture, culture, migration, and the fabric of everyday life, creating a poignant space where emotions, identities, and histories converge. Each piece serves as a fragment of time, carefully preserved, shared, and reimagined for audiences to contemplate. Among the featured artists contributing their unique visions are Mubarak al-Thani (Qatar), Syeda Hiba Zehra (Pakistan), Jaili Hajo (Sudan), Ali Gad (Egypt), Meara Albast (US), Nuwair al-Hajeri (UAE), Rasha Yousif (Bahrain), Aleesha Suleman (Kenya), and Asli Gokce Musekura (Turkiye), alongside a host of other international talents. According to the QM, this show offers a distinct artistic experience for all who seek to understand the deep connections between art, memory, and the fundamental aspects of the human condition. It artfully blends various mediums, including digital illustration, photography, painting, collage, and written word, successfully transforming digital expressions into tangible, physical forms. The exhibition culminates in a specially designed cozy and reflective room, providing a quiet sanctuary for visitors to pause and reconnect with their own personal memories. This thoughtfully curated space honours the enduring and tangible power of remembrance, echoing the historical role of printed materials in preserving people’s stories. The artwork on display were carefully selected through an international open call that garnered 322 submissions from across the globe. From this extensive pool, 98 artists – whose works collectively represent a rich collection of voices and interpretations of nostalgia – were chosen. The Fire Station plays a crucial role in nurturing artistic talent by supporting artists and curators at all career stages. Through its comprehensive residency programmes, it provides vital working studio space, fosters creative exchange, and offers cultural enrichment both within Qatar and internationally through its Paris and New York residency programmes.