Turkish household consumption makes up about two-thirds of the economy and has traditionally driven growth. Consumption rose 6.6% in the fourth quarter year-over-year while public spending on purchases of goods and services gained 7.4% for the same period.

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Furthermore, Goldman Sachs also predicted Turkey’s economy will expand at a rate of 4% in 2018.

“Going forward, we expect the Turkish economy to grow at a rate of 4.0 percent in 2018, in line with consensus expectations. The government’s pro-growth bias creates upside risks to our views, whereas the deterioration in the inflation outlook and the current account deficit pose risks for slower growth,” Goldman Sachs said, according to AA.

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