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Financial News: Turkish GDP Growth Slows Less Than Forecast

Turkish GDP Growth Slows Less Than Forecast

05/31/2022 - 10:30:00 (RTTNews)

(RTTNews) - Turkey's economic expansion eased less-than-expected in the first quarter, amid slower, yet strong, growth in exports and consumption, data from the Turkish Statistical Institute showed on Tuesday.

Gross domestic product advanced 7.3 percent in the March quarter compared to the same period last year, slower than the 9.1 percent expansion in the December quarter. Economists had expected the growth rate to slow to 7.1 percent.

Financial and insurance activities contributed the most to the GDP in the first quarter, with an increase of 24.2 percent. Activities in information and communication also surged 16.8 percent and those for service gained 14.9 percent. Among expenditure components, final consumption of resident households grew sharply by 19.5 percent over the year, and government final consumption and gross fixed capital formation increased by 0.9 percent and 1.1 percent, respectively.

Exports registered a double-digit growth of 16.8 percent, while imports rose only by 2.3 percent.

On a quarterly basis, GDP rose at a slower pace of 1.2 percent in the first quarter, following a 1.5 percent increase in the fourth quarter.

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