16:19 | 14/06/2017 Global Economy
Turkey's gross GDP growth increased by five percent in the first quarter of 2017 compared to the same period last year, the Turkish Statistical Institute (TUIK) said on Monday.
Calendar adjusted GDP increased by 4.7 percent while seasonally and calendar adjusted gross domestic product was increased by 1.4 percent compared with the previous quarter, according to the data.
Exports, which increased by 10.6 percent in the first quarter, has played a key role in pushing up Turkish economic growth, local experts said.
The improved growth was a result of improved exports, government spending and household consumption, Enver Erkan, analyst from KapitalFX told the state-run Anadolu Agency.
"The increase in the short term is driven by measures that we took and by foreign conjuncture partially. I think the most important point is that confidence is back in the market again," Deputy Prime Minister Mehmet Simsek said in an interview with private broadcaster NTV.
"Economic growth will be stronger in second quarter than in the first," he said.
Simsek stressed that Turkey is on the verge of a very critical reform period. "We need reform to make growth sustainable, it is simple and clear," he said.
Economy Minister Nihat Zeybekci noted that the government will keep implementing a market-oriented exports and investment growth model in the coming period.
The World Bank predicted in a forecast report published on June 5 that Turkish economy would expand 3.5 percent in 2017, up from its 3 percent estimate in January.
The Organization for Economic Cooperation and Development (OECD) revised up on June 7 its 2017 growth forecast for Turkey to 3.4 percent, up from 3.3 percent in its previous report.
Last year, Turkey's economy grew 2.9 percent, down from 6.1 percent in 2015 and 5.2 percent in 2014.