Turkish economy grows 4.3 pct in first quarter of 2014

ISTANBUL — Turkey's gross domestic product (GDP) grew 4.3 percent year-on-year in the first quarter, official data showed on Tuesday.

GDP expanded 1.7 percent from the previous quarter, adjusted for seasonal and calendar effects, and it expanded 4.4 percent year-on-year in the first quarter adjusted for calendar effects, the Turkish Statistics Institute said.

Turkish economists estimated first quarter's growth at 4.1 percent in Anadolu Agency Growth Expectation Survey on 4 June. Gross Domestic Product (GDP) - the market value of all officially recognized finished goods and services produced within a country in a year - increased by 4.3 percent at inflation-corrected prices in the first quarter of the year, Turkish Statistical Institute said on Tuesday.

On the other hand, GDP increased by 14.8 percent to reach 407.310 Million Turkish Liras (US$195.3 billion) at current prices compared to the same quarter of 2013.