US economy grows 1.5% in Q2 as Turkey remains key EU trade partner

The United States economy grew at an annualized rate of 1.5% in the second quarter of 2026, according to the Bureau of Economic Analysis. This represents a slowdown from the 2.1% growth recorded in the first quarter. While consumer spending, exports, and investments supported growth, a decline in government spending and an increase in imports acted as limiting factors. Inflationary pressures remain evident, as the PCE price index was revised upward to 5.3%, and core PCE rose to 3.6%.

In international trade, Turkey maintained its position as a significant partner for the European Union. During the second quarter of 2026, Turkey ranked as the fifth-largest goods trading partner for the EU in both imports and exports. Total two-way trade between the EU and Turkey reached €52.8 billion, with the EU importing €25.5 billion from Turkey and exporting €27.3 billion to the country.

Additionally, Turkey’s agricultural sector has seen substantial growth, ranking seventh globally and first in Europe in agricultural output with a value of $83.2 billion in 2025. Meanwhile, the EU’s ready-to-wear garment market saw a contraction in the first five months of 2026, with Turkey’s market share in that specific sector declining to 8.8% due to competitive pressures.