AFP, Istanbul :
Turkey’s economy grew a robust 4.8 percent in the first quarter of this year, continuing its resilient performance from 2015, the statistics office said on Friday.
The strong growth rate was helped by a 6.9 percent increase in household consumption, which has been the main driver of the country’s growth over the last months.
Consumers in Turkey-which imports almost all its energy resources-have been benefitting from low oil prices which have pushed up real incomes.
The 4.8 percent growth in the first quarter from the same period last year was down slightly on the very strong figure of 5.7 percent recorded in the fourth quarter.
The economy had grown by a solid 4.0 percent in 2015, in a relief for the government of President Recep Tayyip Erdogan after fears it could be exposed to jitters on emerging markets.
Interests rates have twice been trimmed since new governor Murat Cetinkaya took the reins at the central bank in April, further pleasing Erdogan in his ambition to put Turkey on a path to long term growth.
“The big picture is still that the economy should continue to grow at a decent pace this year,” London-based consultancy Capital Economics said in a note to clients.
“This means there is little justification for recent interest rate cuts by the central bank. Nonetheless, political pressures means that there is more loosening still to come,” it added.
