Turkey�s economy surpasses estimates, grows 7 pct in Jan.-Mar. period

(MENAFN) On Monday, May. 31 Turkey�s statistical authority said that the country�s economy grew 7 percent annually in the January-March period of this year amidst economic fallout from the COVID-19 pandemic. This reading was well over market estimates as a panel of 16 economists studied by Anadolu Agency on Friday had projected the country�s economy would grow by 6.4 percent on average in the very period, during the first three months, averaging between 5 percent and 7.2 percent. After the issue of the expansion figures, the Turkish lira rose 0.73 percent at 8.48 against the USD. The lira began the fresh week at the level of 8.56 against the USD. In comparison with currencies of developing nations, the Turkish lira gained the most value against the dollar on Monday, as the first-quarter expansion figures came out better than projected.