ANKARA: Turkey’s economy expanded 7.4 percent last year, official data showed on Thursday, marking its fastest expansion since 2013 on robust growth in industry and construction, and beating market expectations.
That growth, which beat a forecast of 7.2 percent in a Reuters poll, is likely to be welcome news for President Tayyip Erdogan in the run-up to presidential and parliamentary elections in 2019.
“On the other side of the coin, there is a high increase in imports due to strong domestic demand. The trend in imports will also be important for 2018. The current account deficit may be further pressured by this.”
Fourth-quarter GDP expanded a seasonally adjusted 1.8 percent from the previous quarter, the Turkish Statistical Institute said. On a yearly basis, it grew 7.3 percent.
Third-quarter GDP growth was revised up to 11.3 percent year-on-year from an initial 11.1 percent.
