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Financial News: Turkey's GDP Growth Exceeds Expectations

Turkey's GDP Growth Exceeds Expectations

02/28/2020 - 06:12:00 (RTTNews)

(RTTNews) - Turkey's economic growth accelerated more than expected in the fourth quarter driven by household consumption, data from the Turkish Statistical Institute revealed Friday.

Gross domestic product advanced 6 percent on a yearly basis after rising 1 percent in the third quarter. This was also faster than the expected rate of 5 percent.

On a quarter basis, economic growth improved to 1.9 percent from 0.8 percent.

In the whole year of 2019, the economy expanded 0.9 percent.

The expenditure-side breakdown of GDP showed that household consumption expanded 6.8 percent and government spending gained 2.7 percent. Meanwhile, gross fixed capital formation dropped 0.6 percent.

Exports grew 4.4 percent, while imports surged 29.3 percent.

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