Economy of Turkey Grows by 7.4 Percent in First Quarter; Current Account Deficit Exceeds Expectations

Click to read the article in Turkish

The Turkish Statistical Institute announced the data on Gross Domestic Product (GDP) of Turkey in the first quarter of 2018 today (June 11).

The data shared by the institute have shown that the economy of Turkey has grown by 7.4 percent in the first three months of 2018. The economists taking part in the "Growth Expectation Survey" of the Finance department of the state-run Anadolu Agency expected the growth to be at 6.9 percent.

While the industry has grown by 8.8 percent and construction sector by 6.9 percent, the agriculture sector has grown by 4.6 percent in the first quarter.

The Gross Domestic Product estimate based on the production method at current prices has increased by 21.9 percent compared to the same period last year and has become 792 billion 691 million Turkish Lira (TRY).

Current account deficit in April has exceeded expectations

The Central Bank of Turkey (TCMB) also announced the data on balance of payments in April 2018 today.

The data shared by the Central Bank have shown that the current account deficit in April 2018 has increased by 1 billion 706 million US dollars compared to April 2017 and has become 5 billion 426 million US dollars.

According to these figures, the 12-month current account deficit of Turkey has reached 57 billion 73 million US dollars.

Anadolu Agency previously announced that the expectation for the current account deficit in April 2018 was 5.15 million US dollars. The analysts speaking to the Dünya newspaper also expected the current account deficit in April 2018 to be 5.3 billion US dollars. (HK/SD)

*Sources: AA, Bloomberg HT, Dünya newspaper