Turkish Economic Growth Accelerates in Q1


Turkish economy grew by 3 percent year-on-year in the first quarter of 2013, up from 1.4 percent expansion registered in the previous quarter, the Turkish Statistics Institute reported on June 11th. While services, manufacturing and construction activities increased, mining and quarrying declined.

In the first quarter of 2013, services recorded the strongest expansion. Hotels and restaurants grew by 13.7 percent (7.4 percent in the previous quarter); Financial intermediation by  6.5 percent (3.8 percent in the previous quarter); Real estate, renting and business activities by 5.7 percent (6.6 percent in the previous quarter), Wholesale and retail trade by 2.9 percent (-0.5 percent in the previous quarter); Transport, storage and communication by 1.5 percent (0.3 percent in the previous quarter). General government services grew by 5.2 percent (4.1 percent registered in the previous quarter). Education expanded by 4.6 percent, health and social work by 3.6 percent and other community, social and personal services activities by 1.2 percent.

Construction grew by 5.9 percent from 1.5 percent reported in the previous quarter. Manufacturing increased by 2.8 percent from a flat growth in the previous quarter. Agriculture, hunting and forestry expanded by 3.6 percent.

Mining and quarrying shrank by 4.5 percent,  up from a 5.1 percent contraction registered in the previous quarter. Electricity, gas and water supply contracted by 3 percent, down from the 2.5 percent decline registered in the previous quarter.

On a quarter over quarter basis, the calendar and seasonally adjusted GDP increased by 1.6 percent, up from 0.1 percent reported in the previous three months.

Turkish Economic Growth Accelerates in Q1


Duarte Ricardo | duarte.ricardo@tradingeconomics.com
6/11/2013 10:46:06 AM