The Turkish economy grew at a larger-than-expected 4.8 percent in the first quarter of 2016. According to the Turkish Statistical Institute (TurkStat), Türkiye outperformed major emerging markets peers, exceeding consensus analyst estimates of 4.4 percent growth thanks in part to strong domestic demand.
Turkish Deputy Prime Minister Mehmet Şimsek, who has a leading role in shaping the country’s economy, pointed out that Türkiye is one of the fastest-growing economies among countries in the EU and OECD despite geopolitical tensions in the region, problems with trade partners, and an overall weak trend in the global economy.
The Turkish economy is expected to maintain its positive growth trajectory, with Fitch Ratings estimating 3.5 percent growth this year and 3.6 percent next year.