On June 30, the Turkish Statistical Institute (TUIK) announced that Turkey's gross domestic product (GDP) in the first three months of this year grew by 17.9 percent to TRY 284.868 billion ($175.45 billion) in current prices and by 11 percent in constant prices to TRY 25.896 million ($15.98 million) compared to the same period of last year.
Meanwhile, in the first quarter of 2011 Turkey's seasonal and calendar adjusted GDP increased by 1.4 percent compared to the previous quarter.
In 2010, Turkey's GDP had indicated an 8.9 percent increase to TRY 105,680 billion ($65.09 billion) in constant prices and a 16 percent increase to TRY 1.105 trillion ($735,828 billion) in current prices.
With these quarterly results, Turkey registered the highest growth rate in GDP among European economies.
"Market expectations had been for a 9-10 percent print, these numbers might mean that people will revise up their full year growth to seven percent. We have 6.5 percent at present," said Timothy Ash, economist with the Royal Bank of Scotland, speaking in relation to the Turkish economy.