ANKARA (dpa-AFX) - Turkey's economy managed to expand in the second quarter despite tight restrictions imposed to curb the spread of the coronavirus, data released by the Turkish Statistical Institute showed on Wednesday.
Gross domestic product grew by adjusted 0.9 percent sequentially, much slower than the 2.2 percent increase seen in the first quarter.
GDP advanced 21.7 percent on a yearly basis, bigger than the first quarter's 7.2 percent expansion. This was the fourth consecutive growth in GDP. Calendar-adjusted GDP was up 21.9 percent from the last year.
The expenditure-side breakdown showed that household expenditure increased 22.9 percent and government spending advanced 4.2 percent annually. At the same time, gross fixed capital formation surged 20.3 percent.
Exports of goods and services climbed 59.9 percent in the second quarter and imports of goods and services were up 19.2 percent.
The further expansion in the second quarter came despite a severe third wave of COVID-19 that forced the government to tighten restrictions and impose a three-week lockdown in May, Jason Tuvey, an economist at Capital Economics, said.
Robust growth and high inflation mean the central bank will hold off cutting rates until late this year, the economist noted.
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