The Turkish Statistics Institute (TurkStat) released its quarterly growth rates on Wednesday, revealing that the economy continued to grow for the second straight quarter. The growth rate was in double-digits, in line with market expectations. Accordingly, Turkey's gross domestic product (GDP) amounted to TL 23.35 billion at constant prices in the first three months of the year, 11.7 percent higher than a year earlier, when the economy contracted by 14.5 percent. At current prices the year-on-year growth in the GDP was 16 percent, to reach a total GDP TL 243.26 billion. When calendar-adjusted, the Turkish economy expanded by 11.8 percent in the January-March period of the year from one year earlier and grew by 0.1 percent compared to the previous quarter.

After a continuous contraction for four quarters in row, the economy rebounded at the end of 2009, growing by a higher-than-anticipated rate of 6 percent. Turkey's gross domestic product (GDP) slumped by 4.7 percent in 2009 over a year before, well below the 6 percent year-end projections in the medium-term economic program. This was the first time Turkey saw a contraction in its economy following seven years of continuous growth between 2002 and 2008.