In the first quarter, GDP soared 11.0% over the same quarter last year. The figure represented an acceleration compared to the already robust 9.2% expansion recorded in Q4 and overshot market expectations, which had anticipated a less pronounced 9.7% rise. The robust expansion in the first quarter reflected strong private consumption, which rose 12.1% over the same period last year (Q4: +9.0% yoy), boosting domestic demand growth to 15.9% (Q4: +14.7% yoy). Investment remains strong, but decelerated from the 42.1% annual rise tallied in Q4 to 33.6% in Q1. Moreover, government consumption expanded 6.7% over Q1 2010 (Q4: +3.2% yoy). Meanwhile, the net contribution from the external side of the economy remained negative, as imports continued to outpace exports. Exports of goods and services expanded 7.7%, up from the 4.3% expansion in Q4. Imports accelerated further, adding 27.0% (Q4: +25.4% yoy). As a result, the net contribution from the external sector to overall growth improved somewhat from minus 5.6 percentage points in the fourth quarter to minus 5.5 percentage points in the first. A quarter-on-quarter analysis corroborates the notion of an accelerating economy, as GDP rose 1.4% over the previous quarter in seasonally and calendar-day adjusted terms. The result, however, came in below the 3.6% expansion tallied in Q4.
GDP accelerates in Q1 on the back of stronger domestic demand
June 30, 2011
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Turkey Economic News
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.