Turkey Q2 GDP Growth Accelerates To 4.8%

(RTTNews) - Turkey's economic growth rebounded strongly in the second quarter, official data revealed Monday.

Gross domestic product posted an annual growth of 4.8 percent after rising 2.3 percent in the first quarter, the Turkish Statistical Institute said.

On the expenditure side, household consumption grew 5.1 percent versus 1.6 percent in the previous quarter. Similarly, the annual growth in gross fixed capital formation accelerated to 8.8 percent from 1.8 percent.

Meanwhile, government spending was down 5.2 percent compared to last year, and external demand was unfavorable as imports grew sharply by 8.8 percent amid a comparatively slower increase of 1.7 percent in exports.

Quarter-on-quarter, the economy grew 1.6 percent, faster than the 0.7 percent expansion in the March quarter.