Turkey’s economy probably cooled last quarter as the central bank moved to tighten monetary policy after May elections, a pivot that’s turning around sentiment among investors without crashing growth.

The rapid-fire hikes in interest rates have put the brakes on lending and retail sales even as inflation continues to spiral higher. As a result, gross domestic product likely expanded just 1% from the second quarter in seasonally and working-day adjusted terms, down from 3.5% in the prior three months, according to the median forecast in a Bloomberg survey of analysts.