Turkey rode the momentum of the 2017's impressive GDP growth well into the first quarter of 2018. The Turkish economy grew by a faster-than-expected 7.4 percent year-on-year in the first quarter of 2018, according to the official data of the Turkish Statistical Institute. The breakdown of the data showed that private consumption and the recovery in investments were the main drivers of growth in first quarter. Private consumption grew by 11 percent and investment expenditures by 9.7 percent year-on-year in the first quarter. With strong growth on solid macroeconomic fundamentals, Turkey remains on track as one of the largest economies globally, ranking top among OECD, and second among G20 members after India.
In its June 2018 Global Economic Prospects Report, the World Bank forecast that Turkey’s economy will grow by 4.5 percent in 2018, while according to the OECD, Turkey’s economy is forecast to expand 5.1 percent this year. For comparison, the global economy as a whole is projected to grow by 3.8 percent.