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Turkey’s Q1 economic growth beats estimates

by ChemOrbis Editorial Team - content@chemorbis.com
  • 13/06/2016 (16:07)
According to data from the Turkish Statistical Institute (TUIK), Turkey’s economic growth exceeded economists’ estimates in the first quarter due to stronger household consumption, which rose at the fastest pace in five years following a 30% hike in the minimum wage.

Turkey’s state statistics bureau showed that gross domestic product (GDP) grew 4.8% on a quarterly basis in the January-March period compared with 5.7% in the previous quarter. However, the first quarter growth figures exceeded analysts’ initial estimates, which called for a growth rate of 4.4% in a survey by Bloomberg. On a seasonally adjusted basis, output increased 0.8% in the January- March period.

The higher than expected growth in the economy was attributed to rising household spending. According to Turkstat, household consumption expenditure increased by 6.9%, the sharpest increase since the 3rd quarter of 2011 while government consumption rose by 10.9%, the fastest pace of growth since 2009.

Data compiled by Bloomberg also showed that Turkey’s economic growth has beated estimates since the 4th quarter of 2014. Turkey’s Finance Minister Naci Agbal said that Turkey is planning to carry out structural reforms which will help speed up economic growth.
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