Türkiye’s economy grew by 4.8 percent in the second quarter compared to a year earlier, exceeding market forecasts.

The Turkish Statistical Institute reported that gross domestic product (GDP), adjusted for seasonal and calendar effects, increased by 1.6 percent compared to the first quarter. Growth accelerated from a revised 2.3 percent in January–March.

According to an Anadolu survey, annual growth for April–June had been forecast at 3.87 percent. The government is targeting growth of 4 percent this year and is expected to update its forecast this month.

Construction and industry were the main drivers of growth, while agriculture contracted. In terms of spending, household consumption and investment supported growth, but government spending declined. Türkiye’s annual national income is approaching 1.5 trillion US dollars.