ECONOMY

Turkish economy grows by 5 percent in first quarter of 2017

TURKISH ECONOMY GROWS BY 5 PERCENT IN FIRST QUARTER OF 2017

Growth rate expands at 5 percent in first quarter of 2017, higher than analyst estimates of 3.8 percent

Turkey's economy grew at the rate of five percent in the first quarter of 2017 compared with the same period in 2016, the Turkish Statistical Institute (TurkStat) reported Monday.

The figure was higher than the median forecast by Anadolu Agency's Finance Desk, which predicted 3.8 percent growth for the first quarter.

The quarter growth was 0.5 percentage point higher compared to 4.5 percent growth in the same quarter of last year.

GDP increased by five percent in the first quarter of 2017, compared with the same quarter of last year, and reached 641.58 billion Turkish liras ($173.78 billion) at current prices, the report said.

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