Economy

Turkey economy picks up in second quarter

Turkey economy picks up in second quarter”

The data show that from April to June, Turkey's estimated gross domestic product (GDP) increased by 16.3 percent at current prices to 215 billion US dollars.

Gross domestic product grew by calendar-adjusted 6.5 percent annually, faster than the 4.9 percent expansion seen in the first quarter. A Reuters poll had forecast annual GDP growth of 5.3 per cent in the second quarter. The thriving industry attracted a large number of investors with mega government projects in the public-private partnerships.

Six-month GDP at current prices climbed to around 1.38 trillion Turkish liras (nearly $380 billion) while second-quarter GDP stood at 734 billion Turkish liras (some $205 billion), an official report revealed.

The U.S. dollar/Turkish lira exchange rate was 3.02 on average a year ago while one dollar was traded for 2.71 liras in 2015.

"Leading indicators regarding the third quarter show that strong economic growth is continuing and gaining momentum", Deputy Prime Minister Mehmet Simsek said in a written statement following the data. "That is the highest growth in the Organisation of Economic Co-operation and Development (OECD) countries", he said.

The global credit rating agency Moody's raised Turkey's 2017 growth forecast to 3.7 percent from 2.6 percent at the end of last month.



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