Market Report, "Turkey Food & Drink Report Q4 2014", Published
We hold a below-consensus view on the Turkish consumer and Turkish economic growth. We believe that growth will slow sharply over the next several quarters, spearheaded by the decline in consumption expenditure. We forecast private consumption growth to stagnate in 2014, from 4.6% growth in 2013, and to be the primary driver of weak headline GDP growth. The main factor behind this decline will be the dramatic slowdown currently underway in all segments of consumer credit growth, a trend that...
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