World Economy

Turkey Sees 4.8% Growth

Turkey Sees 4.8% GrowthTurkey Sees 4.8% Growth

Turkey’s gross domestic product growth soared at a rate of 4.8% in the first quarter of 2016 compared with the same period in 2015, the Turkish Statistics Institute reported on Friday, Hurriyet reported. Turkey’s GDP in the first quarter of 2016 rose to 31.7 billion Turkish liras ($11 billion), up 4.8% compared with 30.1 billion liras in the first quarter of 2015, TUIK said. Performance in the first quarter pushed overall annual GDP growth to 4.8%, with cumulative GDP reaching 499.3 billion liras ($172 billion), it added. Separately, the country’s current account deficit stood at $2.95 billion for April, posing a fall by near $1 billion year-on-year, the central bank said.