Turkey Economy Expands 4.8% in Q1

The Turkish economy advanced 4.8 percent on the year in the three months to March of 2016, following a 5-year high of 5.7 percent expansion in the previous period and beating market expectations of 4.5 percent growth. Household consumption and government expenditure were the main drivers of growth while fixed investment contracted and net external demand contributed negatively.

Household consumption grew at a faster 6.9 percent (+4.7 percent in Q4) and government spending rose further by 10.9 percent (+8.1 percent in Q4). In contrast, gross fixed capital formation shrank 0.1 percent, following a 3.5 percent expansion in the previous quarter.

Exports rose by 2.4 percent (+2.1 percent in Q4), while imports advanced at a faster 7.5 percent (-2.6 percent in Q4), after two periods of contraction. 

On the production side, services sector grew 5.1 percent, industry expanded 5.9 percent and agriculture activities advanced 2.7 percent.

On a seasonally adjusted quarterly basis, the economy expanded 0.8 percent.

Turkey Economy Expands 4.8% in Q1

Turkstat | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/10/2016 8:23:17 AM