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Turkey's GDP Growth Fastest In 2 Years

Turkey's economy expanded at the fastest pace in two years in the second quarter, the Turkish Statistical Institute showed Monday.

Gross domestic product grew by calendar-adjusted 6.5 percent annually, faster than the 4.9 percent expansion seen in the first quarter.

This was the biggest growth since the second quarter of 2015, when GDP climbed 7.2 percent.

On a quarterly basis, GDP grew 2.1 percent in the second quarter, following a 1.3 percent rise in previous three months.

The expenditure-side breakdown of GDP showed that household spending advanced 8.2 percent on year, while government expenditure fell 4.3 percent.

At the same time, gross fixed capital formation surged 9.5 percent. Exports and imports climbed 10.5 percent and 8.3 percent, respectively.

by RTTNews Staff Writer

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