Turkey's growth rate hits 5.1 percent in second quarter

Turkey's growth rate hits 5.1 percent in second quarter

The Turkish economy expanded 5.1 per cent year-on-year in the second quarter, official data showed on Monday, just below analysts' forecasts, and ministers predicted growth will gain momentum in the third quarter.

Shortly after the official statistics was released, the Turkish lira rebounded against the USA dollar on Monday morning.

The exchange rate stood at 3.4010 by 5 p.m. local time (1400GMT) Monday, compared with 3.4080 at Friday's close.

US -based financial services firm Morgan Stanley also increased its forecast for Turkey's growth rate for this year to 4.3 percent, from 3.3 percent.

The USD/TRY rate saw sharp fluctuations after last year's defeated July 15 coup and climbed to its historic hike - around 3.94 liras - in mid-January this year.

The growth rate in the first quarter of 2017 was revised up from 5 percent to 5.2 percent.

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The company pointed out strong lending growth, and said the biggest contributions to economic activity came from private consumption, exports and capital expenditure.

The 5 percent growth rate for the first quarter was also revised up to 5.2 percent.

The firm added that the 10.5 percent year-over-year growth in net exports strongly contributed to the economic growth, which was significantly higher than 2.5 percent of growth in imports. TurkStat announced that imports of goods and services also increased by 2.3 percent in the same period. What does it mean?

Gross domestic product grew by calendar-adjusted 6.5 percent annually, faster than the 4.9 percent expansion seen in the first quarter.

The share of compensation of employees in the gross value added was 36.2 percent in the second quarter of 2017 while it was 38.1 percent in the same quarter of the previous year.


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