World Economy

Turkey Growth at 2.3%

Turkey Growth at 2.3%Turkey Growth at 2.3%

Turkey’s economy grew by 2.3% in the first quarter of the year, against the same period of last year, exceeding the expectations at around 1.6%, according to the data released by Turkstat on Wednesday, NewsNow reported. Gross domestic product (GDP) grew by 2.3% against the same quarter of previous year in the first quarter of 2015 while the growth stood at 1.3% on quarterly basis. The growth mainly depended on the services sector which grew by 4.1% in the first quarter and agriculture sector by 2.7%, while value added of industry remained unchanged over the same period. Household final consumption expenditure grew by 4.5% and the government final consumption expenditure grew by 2.5% at constant prices in the first quarter. According to the Turkstat data, net value added of the exports to the growth was negative in the first quarter, which fell by 0.3% at constant prices, while imports of goods and services increased by 4.1%.