Turkish economy expanded by 7.4 percent in the first quarter of this year compared with the same period last year, the Turkish Statistical Institute (TurkStat) revealed on Monday.
The three-month gross domestic product (GDP) at current prices climbed to around 792.7 billion Turkish liras (nearly $207.5 billion), according to TurkStat data. A group of 19 experts questioned by Anadolu Agency on Friday expected the Turkish economy to grow by 6.9 percent in the first quarter of 2018.
THE HIGHEST ANNUAL GROWTH SINCE 2013
The total value-added services and industry rose by 10 percent and 8.8 percent, respectively, while the construction sector saw a 6.9 percent rise. The agricultural sector posted a 4.6 percent hike from January to March, compared to the same period in 2017. Turkey’s GDP was 3.1 trillion Turkish liras (nearly $850.7 billion) last year, up from 2.6 trillion Turkish liras (approximately $860 billion) in 2016.
According to the TurkStat’s revised data, the country’s economy grew by 7.4 percent, year-on-year, last year, which was the highest annual growth rate since 2013; it was 3.2 percent in 2016. The government is aiming for 5.5 percent annual economic growth through 2020 under its medium-term program.