Economics
Turkey Growth Beats Estimates on Government Spending Boost
- Economy expanded 5% in first quarter; lira gains after report
- Public consumption rose 9.4%; household spending grew 5.1%
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Turkey’s economy grew faster than expected in the first quarter as the government boosted expenditures and households kept on spending. The lira gained after the report.
Gross domestic product expanded 5 percent in the January-through-March period from a year earlier, higher than all estimates in a Bloomberg survey. Seasonally adjusted output rose 1.4 percent from the previous three months, Turkey’s state statistics institute said in a statement on its website Monday.