Turkish finance minister says economy grew 7% in first quarter

ISTANBUL – Turkish Finance Minister Nureddin Nebati said on Monday that preliminary indicators show the economy grew at a 7% pace in the first quarter of this year, and he repeated his belief that rise in inflation is temporary.

In a speech during the banks’ association meeting, Nebati also said the banking sector is resilient to possible shocks.

He repeated that the government will keep taking steps to break what he called inflation “inertia”. Annual inflation soared to 70% in April and forecasts suggest it will remain high through year end.

(Reporting by Ebru Tuncay and Can Sezer; Editing by Jonathan Spicer)