Turkish economy expanded 5.1 percent year-on-year in the second quarter of the year
The official data published on Sept. 11, showing a strong recovery in investments and exports, helped by the government’s fiscal stimulus measures.
First quarter growth was also revised up to 5.2 percent from an initially reported 5 percent, while 2016 growth was revised up to 3.2 percent from an initial 2.9 percent. Growth was driven by all main sectors in the second quarter, with the agricultural sector expanding by 4.7 percent, the manufacturing industry by 6.3 percent, the construction sector by 6.8 percent and the services sector by 5.7 percent. Expansion of the state Credit Guarantee Fund (KGF) had begun to support growth from the second quarter. In March the government increased the size of the fund, which guarantees loans to small and medium-sized enterprises, more than tenfold to 250 billion liras ($70 billion).