Turkey's GDP grows 4.3 pct in Q1
2014-06-10 16:36:48
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 Tuesday.
Turkey's gross domestic product (GDP) reached 29.21 billion Turkish Liras (13.98 billion US 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.
The cut in growth prospects come amid looming fluctuations in emerging markets following a continuation in the US Federal Reserve's tapering of its monthly stimulus package.
The Turkish government said earlier it expects a 4 percent growth in the economy this year.