Turkey's economy grows 7.4 percent in first quarter

Turkish economy expanded by 7.4 percent in the first quarter of this year compared with the same period last year, the Turkish Statistical Institute (TurkStat) revealed on Monday.

The three-month gross domestic product (GDP) at current prices climbed to around 792.7 billion Turkish liras (nearly $207.5 billion), according to TurkStat data.

A group of 19 experts questioned by Anadolu Agency on Friday expected the Turkish economy to grow by 6.9 percent in the first quarter of 2018.

Turkey's GDP was 3.1 trillion Turkish liras (nearly $850.7 billion) last year, up from 2.6 trillion Turkish liras (approximately $860 billion) in 2015.

The U.S. dollar/Turkish lira exchange rate was 3.64 on average last year while one dollar was traded for 3.03 Turkish liras in 2016.

According to the TurkStat's revised data, the country's economy grew by 7.4 percent, year-on-year, last year, which was the highest annual growth rate since 2013; it was 3.2 percent in 2016.

The government aims for 5.5 percent annual economic growth through 2020 under its medium-term program.