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Turkish economy bounces back from recession in Q1

The Turkish economy expanded in the first three months of the year, marking a recovery from the slump seen in the previous quarter.

The country's seasonally and calendar-adjusted GDP grew 1.3% in the first quarter of the year compared with the prior three-month period, when the economy slipped into a recession, according to the Turkish Statistical Institute.

Compared with the year-ago period, however, first-quarter GDP contracted 2.3%.

Households final consumption expenditure fell 4.7% year over year. Exports of goods and services rose 9.5%, while imports plunged 28.8%.

The country's central bank last month scrapped a previous pledge to further tighten monetary policy if deemed necessary, citing risks to price stability.