Türkiye's economy lost momentum in the first quarter of the year, but still remained in positive territory despite the fallout from the Middle East conflict, official data showed Monday.
Gross domestic product (GDP) expanded 2.5% on a yearly basis in the January-March period, compared with 3.4% in the previous quarter, according to Turkish Statistical Institute (TurkStat).
The slowdown coincided with the start of the U.S.-Israel war on Iran, which sent energy prices soaring and revived inflationary pressures.
Authorities had already been pursuing tight monetary policy to sustain disinflation trend, which slowed in recent months as the Iran war pushed energy-market volatility.
Despite multiple shocks and global uncertainty, Treasury and Finance Minister Mehmet Şimşek said the economy maintained uninterrupted growth for 23 consecutive quarters, adding that national income had exceeded $1.6 trillion.
