Turkish GDP Growth Rate (Q2 YY) 2.3% vs. Exp. 2.9% (Prev. 2.5%)

A headline growth miss against consensus in Turkey has historically mattered less for the print itself than for where it lands in the central bank's sequencing, since episodes of softer activity have tended to strengthen the case for extending an easing cycle where one is underway, transmitting through the front end of the local curve and, secondarily, the lira via the rate differential. The distinction worth drawing is between a slowdown driven by domestic demand compression, which past tightening campaigns engineered deliberately and which the bank has tended to treat as evidence policy is working, and one driven by external or one-off factors, which carries less policy signal. Prior form in this economy is that the activity data are read against the inflation trajectory rather than in isolation, so the follow-ons that have mattered are the next monthly price prints and the rhetoric of rate-setters between meetings. Revision risk is also a recurring feature of this series, with prior quarters frequently restated, which tempers the weight placed on any single quarter. The immediate tell is whether officials characterise the softness as intended disinflation or as something requiring a faster cutting cadence.