Turkey’s economy grows 5 percent in first quarter of 2017, exceeds forecasts

Turkey’s gross domestic product (GDP) growth rate has increased by five percent in the first quarter of 2017 compared to figures in the same period last year, data from the Turkish Statistical Institute (TÜİK) showed on June 12. 
The growth forecast for the country was four percent.

Gross domestic product with production method increased by 14.3 percent, reaching 641 billion 584 million Turkish Liras at current prices.
 
The total value added increased by 3.2 percent in the agricultural sector, 5.3 percent in the industry sector, 3.7 percent in the construction sector, 5.2 percent in the services sector (wholesale and retail trade, transport, storage, accommodation and food service activities) compared to the same quarter of 2016 in the chained linked volume index, TÜİK stated.
 
Calendar adjusted gross domestic product meanwhile increased by 4.7 percent while seasonally and calendar adjusted gross domestic product was increased by 1.4 percent compared with the previous quarter.

Household final consumption expenditure increased by 5.1 percent, government final consumption expenditure increased by 9.4 percent and gross fixed capital formation increased by 2.2 percent, it said.

In addition, exports of goods and services increased by 10.6 percent while imports of goods and services increased by 0.8 percent in the first quarter of 2017.

Compensation of employees increased by 11.6 percent while net operating surplus/mixed income increased by 20.2 percent, according to the data. 

In the first quarter of the year, the share of compensation of employees in the gross value added was 39.7 percent while it was 41 percent in the same quarter of the previous year. 

The share of net operating surplus/mixed income was 41.3 percent while it was 39.5% in the same quarter of 2016.

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