Turkish GDP expands in first quarter

Istanbul - Turkey's gross domestic product (GDP) grew by 4.3% in the first quarter, the Turkish Statistical Institute reported on Tuesday, thanks to exports and government spending.

Exports of goods and services increased by 11.4%, while public spending was up 8.6%.

The central bank said this month it sees inflation as having peaked for this year at 9.66%, a level reached last month, and now forecasts a downward trend.

The bank and the Finance Ministry expect GDP to grow at around 4% this year.