Turkey’s gross domestic product up by 4.5 percent

Turkey’s gross domestic product (GDP) rose by 4.5 percent during the first quarter year on year, the country’s statistical authority has confirmed.

From the growth rate of 6 percent in the last quarter of 2019, the Turkish economy expanded at a seasonal and calendar-adjusted 0.6 percent, according to the Turkish Statistical Institute (TurkStat).

The domestic product at current prices amounted to 176.1 billion U.S. dollars in the January-March period, said the agency.

The value-added increased by 3 percent in the agricultural sector and 6.2 percent in the industry sector in the first quarter, while it dropped 1.5 percent in the construction sector, according to the agency.

The services sector’s value-added, including wholesale and retail trade, transport, storage, accommodation, and food service activities, increased by 3.4 percent on a yearly basis.

Turkey seeks to end 2020 with a positive economic growth rate despite negative forecasts due to the pandemic, the Turkish Treasury and Finance Minister Berat Albayrak said on Wednesday.