31.05.202313:54:00UTC+00Turkey Economic Growth Accelerates To 4.0%

Turkey's economic growth improved in the three months ended March after easing in the previous two quarters, data from the Turkish Statistical Institute showed on Wednesday.

Gross domestic product advanced 4.0 percent year-over-year in the first quarter, faster than the 3.5 percent rise in the final quarter of 2022.

Among expenditure components, final consumption of resident households grew sharply by 16.2 percent over the year, and government final consumption and gross fixed capital formation increased by 5.3 percent and 4.9 percent, respectively.

On a quarterly basis, GDP rose at a slower pace of 0.3 percent in the first quarter, following a 0.9 percent increase in the preceding three-month period.