Economy Grows by 5.2 Percent in Second Quarter

* Photograph: Anadolu Agency

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The Turkish Statistical Institute (TurkStat) announced the Gross Domestic Product (GDP) in the second quarter of 2018 today (September 10). In the period of April-May-June 2018, the economy of Turkey grew by 5.2 percent.

The TurkStat has also revised the growth figures which it previously announced for the first quarter of 2018 and the year 2017. The growth rate in the first quarter of 2018, which was previously stated as 7.4 percent, has been changed to 7.3 percent.

As for the year 2017, the growth in the first and second quarters has been changed from 5.4 to 5.3 percent and the growth in the third quarter has been changed from 11.3 to 11.5 percent. The figures for the last quarter have not been revised.

Growth rate has met the economists' expectations

According to the Growth Expectation Survey of the state-run Anadolu Agency Finance, the economists participating in the survey expected that the economy of the country would grow by an average of 5.2 percent in the second quarter. While the highest expectation in the survey was 6.3 percent, the lowest one was 2.6 percent.

Economists also expected that Turkey's economy in 2018 would grow by an average of 3.5 percent. While the highest growth expectation of the economists for 2018 was 4.7 percent, the lowest one was 2.6 percent.

In the first quarter of the year, economy grew by 7.4 percent.

GDP: 884 billion dollar

The Gross Domestic Product (GDP) estimation according to production management with current prices increased by 20.4 percent in the first quarter of 2018 in comparison with the same period last year, becoming 884 billion 4 million 260 thousand Turkish Lira. (HA/SD)