Turkey’s economy grows by %3.1 in Q2

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Turkey’s economy grows by %3.1 in Q2

Turkey’s Gross Domestic Product (GDP) grew by 3.1 percent in the second quarter of 2016 compared to the same period in 2015, according to an announcement by the Turkish Statistical Institute (TurkStat).

The figure was slightly short of the median forecast made by the Anadolu Agency Finance Desk, which predicted a 3.3 percent expansion in the second quarter. GDP increased by 3.1 percent in the second quarter of 2016 compared to the same quarter of the previous year and reached TL 33.06 billion ($11.4 billion) at constant prices, the report said. The report suggests that the economy has maintained its momentum according to constant prices, which excludes the effect of inflation.

At current prices, national GDP saw a more pronounced increase, rising to TL 525.9 million and is up 9 percent compared to the same quarter the previous year. The report showed that seasonal and calendar-adjusted GDP increased by 0.3 percent compared to the previous quarter.

Also, GDP was downgraded 0.1 points to 4.7 percent during the first quarter from the previously announced 4.8 percent. Following the announcement of the first-quarter growth rate, many economists agreed that the following quarterly growth rates will reach around 3 percent, taking into account possible fluctuations in the overall framework.

Issuing a written statement regarding the growth data on Friday, Deputy Prime Minister said economic growth maintained a level of 3. 9 percent in the first half of 2016, despite the ongoing geopolitical tensions and weakening global economy.

Elsewhere, in January, the government announced Turkey’s Medium-Term Economic Plan (MEP), covering macroeconomic targets between 2016 and 2018, including growth. The government predicts that year-end GDP will increase by 4.5 percent in 2016, and by 5 percent for 2017 and 2018.

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