Turkey's economy grows much slower than expected in second quarter of 2014

Turkey's economy grew only 2.1 percent year-on-year in the second quarter of this year, much lower than the 4.3 pct of in the first three months, official figures showed on Wednesday.
Turkey's gross domestic product (GDP) reached 30.8 billion Turkish Liras (14.67 billion U.S. dollars) at constant prices, an increase of 2.1 percent, in the second quarter, according to the Turkish Statistics Institute.
Data shows that private consumption surged by 0.4 percent point in the second quarter year-on-year while public spending grew at 2. 4 percent. Turkish exports rose by 5.5 percent and imports saw a 4. 6 percent drop in the first quarter compared to a year ago.
Analysts say that the slowing pace of the growth rate in the second quarter was mainly due to the sluggish domestic demand and the slowing down export during the period.
The Turkish government expected a 4 percent economic growth this year while the Would Bank gave a downbeat forecast of a 3.5 pct growth in Turkey's economy in the year of 2014.