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ISTANBUL: Turkiye’s economy grew by 4.8 percent in the second quarter, above expectations despite a prolonged monetary tightening effort, official data showed on Monday.

Second-quarter gross domestic product grew 1.6 percent from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed.

Economists said the quarter had benefited from having more working days than in the same period the year before, and from last year’s low base.

In a Reuters poll, the economy was forecast to have grown by 4.1 percent in the second quarter and by 2.9 percent for 2025 as a whole.

The government forecasts 4 percent growth this year. It is expected to update its forecasts early this month.

Growth in the first quarter was revised up to 2.3 percent from 2 percent, the data also showed, while economic expansion was revised up slightly to 3.3 percent from the previous 3.2 percent last year.

The institute also published a document along with the data detailing the revision of its Gross Domestic Product series as part of efforts to align with the European System of National Accounts.

In December, the central bank started an easing cycle after having kept the main policy rate steady for eight months. Inflation has dipped from as high as 75 percent last year.

The central bank tightened policy in April in a move to ensure stability following market turmoil that erupted over the arrest of Istanbul Mayor Ekrem Imamoglu, President Tayyip Erdogan’s main political rival.

The bank recently returned to policy easing last month, with inflation falling to around 33 percent and said the impact of tight policy can be seen in a slowdown in demand conditions.

SINGAPORE: Oil prices traded in a tight range on Monday as worries about rising output and the impact of US tariffs on demand offset supply disruptions stemming from intensified Russia-Ukraine airstrikes.

Brent crude fell 30 cents, or 0.44 percent, to $67.18 a barrel by 7:00 a.m. Saudi time, while US West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44 percent. Trading is expected to be muted due to a US bank holiday.

Ukrainian President Volodymyr Zelensky vowed on Sunday to retaliate by ordering more strikes deep inside Russia after Russian drone attacks on power facilities in northern and southern Ukraine. Both countries have intensified airstrikes in recent weeks, targeting energy infrastructure and disrupting Russian oil exports.

Markets remained concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels per day, according to tanker tracker data cited by ANZ analysts in a note.

However, Russian oil exports to India are set to rise in September, traders said, despite secondary tariffs imposed on New Delhi by the US for buying oil from Moscow.

“Modi’s meeting with Putin in China will be closely watched, particularly in light of US pressures,” Michael McCarthy, CEO of Moomoo Australia, said, referring to the Indian and Russian presidents who are attending the Shanghai Cooperation Organization regional security bloc in China.

A Reuters poll on Friday showed that oil prices are unlikely to gain much traction from current levels this year, as rising output from top producers adds to the risk of a surplus and US tariff threats weigh on demand growth.

The week started with a slew of manufacturing and export data from China, Japan and South Korea, among the world’s biggest crude oil importers.

Factory activity in China unexpectedly grew in August but weakened for other Asian economies as companies began to feel the pain from US tariffs, private surveys showed on Monday, clouding the outlook for the region’s fragile recovery.

Brent and WTI crude posted their first decline in four months in August, down 6 percent or more on OPEC+ supply concerns.

Investors are eyeing the Sept. 7 meeting between members of the Organization of the Petroleum Exporting Countries and their allies for further supply cues.

Meanwhile, US crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration on Friday.

A US labor market report this week will give a crucial read into the economy’s health and test investors’ confidence that interest rate cuts are coming soon, a view that has lifted their appetite for riskier assets such as commodities.