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Turkey’s first quarter 2016 gross domestic product expanded beyond market expectations as household consumption surged, contributing largely to the country’s growth process.
Gross domestic product grew 4.8 percent in the January-to-March period compared with 5.7 percent in the previous quarter, Turkey’s State Statistics Bureau said on Friday. However, Bloomberg had forecast GDP at 4.4 percent, as per its survey of 17 economists. Seasonally adjusted output rose 0.8 percent.
Households expenditures, which makes up more than two-thirds of the economy, rose by 6.9 percent, the highest pace since the third quarter of 2011, while government spending grew 10.9 percent, the most since 2009, Turkstat said in its statement.
Turkish growth beat estimates since the fourth quarter of 2014, on boost in household consumption, which spurs mainly from the millions of Syrians and Iraqis who have sought refuge in Turkey, adding largely to private demand.
Further, the central bank reported Turkey’s current-account deficit narrowed for ninth month in April, to USD2.96 billion from USD3.86 billion a year earlier, as the cost of imported energy fell. The median estimate in a Bloomberg survey of 13 analysts called for a USD3.4 billion gap.
Turkey is expected to continue to implement structural reforms that will allow the economy to grow at a high pace, Bloomberg reported, citing Turkey’s Finance Minister Naci Agbal.
