Turkey's GDP grows 4.3% in Q1Staff writer ▼ | June 11, 2014
Turkey's economy grew faster than expected in first quarter of 2014 at a rate of 4.3 percent year-on- year, official figures showed.Turkey's economy grew faster than expected in first quarter of 2014 at a rate of 4.3 percent year-on- year, official figures showed.
Turkey's gross domestic product (GDP) reached 29.21 billion Turkish Liras (13.98 billion U.S. dollars) at constant prices, an increase of 4.3 percent, in the first quarter, according to the Turkish Statistics Institute (TurkStat).
The growth in GDP showed rise of 1.7 percent in the first quarter over the previous quarter, said the Turkstat, adding that a fast growth in exports accompanied by a higher domestic demand and an increase in public investments were the main drivers of the first quarter's 4.3 percent growth in GDP.
Earlier in May, the Organization for Economic Cooperation and Development (OECD) slashed its 2014 growth forecast for Turkey from 3.8 percent to 2.8 percent. ■