Turkey's economy records over 3 percent growth

Turkish economy manages to grow at significant pace in second quarter of 2016 despite challenges at home and abroad

Anadolu Agency
Turkey's Gross Domestic Product grew by 3.1 percent in the second quarter of 2016 compared to the same period in 2015, the Turkish Statistical Institute reported Friday.

The figure was slightly short of the median forecast by the Anadolu Agency Finance Desk, which predicted a 3.3 percent expansion in the second quarter.

The GDP increased by 3.1 percent compared to the same quarter of previous year in the second quarter of 2016 and reached 33.06 billion Turkish liras ($11.4 billion) at constant prices, the report said, suggesting the economy had maintained its momentum according to constant prices, which excludes inflation effect from prices.

At current prices, the GDP saw a more pronounced increase, rising to $525.9 million Turkish liras ($178.9 billion), which is up 9 percent compared to the same quarter of previous year.

The report showed that a seasonal and calendar-adjusted GDP increased by 0.3 percent compared to the previous quarter.

Also, the first quarter of GDP was downgraded 0.1 points to 4.7 percent from the previously announced 4.8 percent.