Turkey seeing green shoots of economic recovery, BBVA says

Turkey is experiencing the green shoots of economic recovery, said Alvaro Ortiz, chief economist for the country at Spanish bank BBVA.

BBVA expects an acceleration in the upswing in the economy after a setback in the summer due to negative calendar effects, Ortiz said in statements posted on Twitter on Friday.

“Avoid complacency,” Ortiz said, as he predicted a return to positive economic growth in the country.

Turkey’s economy has been tentatively recovering from a deep economic downturn sparked by a currency crisis that peaked in August last year. The government has used tax cuts and cash from state-run banks to stimulate domestic demand.

Ortiz made the comments in response to industrial production data published on Friday, which showed output growing by 4.3 percent on a monthly basis in July, the biggest increase in at least two years. Annual output dropped for an eleventh-straight month, decreasing by 1.2 percent.

BBVA controls Garanti Bank, one of Turkey’s biggest non-government banks.