Turkish economy expanded 2.5% on a yearly basis in the first quarter, official data showed on Monday, with growth slowing for a third consecutive quarter but staying positive despite tighter monetary conditions and the recent Iran war.
The slowdown in growth in the January-March period partially coincided with the start of the U.S.-Israel-Iran war, which sent energy prices soaring and revived inflationary pressures.
The strongest branch of economic activity during the first quarter was information and technology, which grew 9.5%, while agriculture, forestry and fishing grew 4.6%, Turkish Statistical Institute (TurkStat) data showed. Industry shrank 0.8%.
The lira was little changed at 45.9160 against the dollar after the data.
TurkStat said first-quarter gross domestic product (GDP) grew 0.1% from the previous quarter on a seasonally and calendar-adjusted basis,
