Turkey’s economy grows 5.1% in Q2

According to data from the Turkish Statistical Institute (TurkStat), Turkey’s gross domestic product (GDP) increased by 5.1% in the second quarter of 2017 when compared to the same quarter of 2016. The growth rate was slightly below analysts’ forecast at 5.3%, meanwhile.

Among the activities that constitute gross domestic product (GDP), the agricultural sector grew by 4.7%, the industry sector grew by 6.3%, the construction sector expanded by 6.8% and the services sector grew by 5.7% year on year.

Calendar adjusted gross domestic product in the second quarter of 2017 increased by 6.5% compared with the same quarter of the previous year. Seasonally and calendar adjusted gross domestic product increased by 2.1% compared with the previous quarter, the data showed.

Household final consumption expenditure increased by 3.2%, government final consumption
expenditure decreased by 4.3% and gross fixed capital formation increased by 9.5% in the second
quarter of 2017 compared with the same quarter of the previous year.

Exports of goods and services increased by 10.5%, imports of goods and services increased by 2.3% in the second quarter of 2017 year on year, meanwhile.