ECONOMY

Turkey's growth rate hits 5.1 percent in second quarter

TURKEYS GROWTH RATE HITS 5.1 PERCENT IN SECOND QUARTER

Turkey's gross domestic product (GDP) growth has hit 5.1 percent in the second quarter of 2017, slightly surpassing the 5 percent growth rate in the first quarter, the Turkish Statistical Institute (TurkStat) announced Monday.

In the second quarter covering April - June period, the GDP increased by 16.3 percent and reached 734.2 billion Turkish liras ($215.3) at current prices.

Meanwhile TurkStat also revised its growth data regarding all quarters of 2015 and 2016 and the first quarter of 2017. The 4.5 growth rate for the first quarter of 2016 was revised up to 4.8 percent, whereas second quarter growth rate of 5.3 percent was revised down to 4.9 percent. The 1.3 percent shrinkage rate was revised up to 0.8 percent shrinkage rate and the 3.5 percent growth rate in the fourth quarter was revised up to 4.2 percent.

The overall growth rate for 2016 was revised to 3.2 percent from 2.9 percent.

The 5 percent growth rate for the first quarter was also revised up to 5.2 percent.

In the second quarter of 2017, the total value added increased by 4.7 percent in the agricultural sector, 6.3 percent in the industry sector, 6.8 percent in the construction sector and 5.7 percent in the services sector (wholesale and retail trade, transport, storage, accommodation and food service activities) compared with the same quarter of the previous year in the chained linked volume index.

Calendar adjusted gross domestic product in the second quarter of 2017 increased by 6.5 percent compared with the same quarter of the previous year.

Seasonally and calendar adjusted gross domestic product increased by 2.1 percent compared with the previous quarter.

Household final consumption expenditure increased by 3.2 percent, government final consumption expenditure decreased by 4.3 percent and gross fixed capital formation increased by 9.5 percent in the second quarter of 2017.

Exports of goods and services increased by 10.5 percent, imports of goods and services increased by 2.3 percent.

Compensation of employees increased by 10.8 percent while net operating surplus/mixed income increased by 22.5 percent.

The share of compensation of employees in the gross value added was 36.2 percent in the second quarter of 2017 while it was 38.1 percent in the same quarter of the previous year. The share of net operating surplus/mixed income was 47.8 percent while it was 45.5 percent in the same quarter of the previous year.

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