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Turkey's GDP up 4.8 pct in Q1, exceeds forecasts

Xinhua, June 10, 2016 Adjust font size:

Turkey's Gross Domestic Product (GDP) grew 4.8 percent in the first quarter of 2016, the Turkish Statistical Institute (TurkState) said on Friday.

The GDP in the first quarter of 2016 rose to 31.7 billion Turkish liras (11 billion U.S. dollars), up 4.8 percent compared with 30.1 billion liras (10 billion dollars) year-on-year, TurkState added.

According to the statistics, the calendar adjusted GDP in the first quarter of 2016 increased by 4.5 percent compared to the same quarter of the previous year, seasonally and adjusted GDP increase by 0.8 percent.

Experts said the data exceeded the expectation of forecasting 4.5 percent growth.

"It is a good level which is higher than expectations," said Mahfi Egilmez, a former official of the Turkish Treasury Ministry.

He believed that it mainly due to the increasing of household spending which constitutes 70 percent of GDP in Turkey.

The household financial consumption expenditure has increased 6.9 percent in the first quarter of 2016 compared to the same period of 2015, according to the Turkish Statistical Institute.

Additionally, the government financial consumption expenditure increased by 10.9 percent in the first quarter.

But, Mahfi Egilmez thought it did not impact on GDP significantly. Endit