(RTTNews) – Turkey’s economy expanded at the fastest pace in three quarters at the start of the year, data published by the Turkish Statistical Institute showed Monday.
Gross domestic product grew 5 percent year-on-year in the first quarter, faster than the 3.5 percent expansion seen in the previous quarter.
This was the fastest since the second quarter of 2016, when GDP climbed 5.3 percent.
The expenditure-side breakdown of GDP showed that household spending increased 5.1 percent and government expenditure surged 9.4 percent. At the same time, gross fixed capital formation gained 2.2 percent.
Exports increased notably by 10.6 percent, while imports grew only 0.8 percent.
Calendar adjusted GDP increased 4.7 percent in the first quarter from the previous year. Quarter-on-quarter, the economy grew 1.4 percent.