Turkey Growth Beats Forecast

Turkish economic growth surged to 5% in the first quarter, data from the Turkish Statistical Institute showed on Monday, exceeding a forecast of 4% in a Reuters poll. First quarter GDP expanded a seasonally and calendar adjusted 1.4% from the previous quarter, the data showed. Meanwhile, the World Bank last week raised Turkey’s economic growth projections for the next three years, according to its Global Economic Prospects report published Sunday. Last year, Turkey’s economy grew by 2.9%, down from 6.1% in 2015 and 5.2% in 2014.