Turkish economic growth races to 5% in first quarter
Turkish economic growth unexpectedly accelerated at the start of the year to a near two-year peak. GDP growth in Turkey hit 5% in the first three months of the year compared to the same period last year, and was up from 3.5% in the last quarter of 2016, when the economy bounced back after recording its worst quarter since the financial crisis. The growth surprised economists polled by Bloomberg who had expected a reading of 3.5% for the year-on-year expansion. The actual performance was the best since the third quarter of 2015, with Turkstat figures placing quarter-on-quarter growth up by 1.4%. Turkstat said government spending was up 9.4% for the period, while consumer spending rose 5.1% and investment climbed by 2.2%. Exports leapt 10.6%, while imports inched up 0.8% in a pe-
riod in which the lira fell by 2%.