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Turkey’s Q1 economic growth beats estimates

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/06/2015 (12:15)
According to data from the Turkish Statistical Institute (TUIK), the country’s economic growth exceeded economists’ estimates in the first quarter to expand 2.3% on the year following a growth rate of 2.6% in the previous quarter. Economists’ initial estimates called for a growth rate of 1.7% in a survey by Bloomberg. On a seasonally and calendar adjusted basis, Turkey’s gross domestic product (GDP) grew by 1.3% in the January- March period when compared to the previous quarter.

The higher than expected growth in the economy was attributed to stronger domestic demand. Household consumption increased 4.5% year over year while government consumption rose by 2.5% compared with the same quarter of 2014. Domestic demand, meanwhile, rose 1.3%.

The data also showed that Turkey’s exports declined by 0.3% on the year to reach TRY7.858 billion ($2.87 billion) in the first three months while imports increased 4.1% to TRY 8.703 billion ($3.18 billion).
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