Turkish economy has appeared to be regaining momentum and followed the path of recovery after a dismal record in the second half of last year. After 1Q17 when Turkey posted a growth rate that exceeded expectations, economic indicator overall suggested the continuation of the economic upswing and we now estimate that Turkey will post another 5% growth rate for second quarter.

Before leading in, we see it fit to add some comments about Turkey’s GDP revision. We believe that the harsh...