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Turkey's economy grew at a faster pace than anticipated last quarter as households boosted spending, supporting activity following the failed military coup. Gross domestic product expanded 3.5 percent in the October-to-December period, faster than all estimates in a Bloomberg survey of economists, which saw an expansion of 1.9 percent. Seasonally adjusted output rose 3.8 percent from the previous three months while full-year growth was 2.9 percent, down from 6.1 percent in 2015, the state statistics institute said Friday.Private demand picked up in the final quarter of 2016, fueled by household spending on everything from services to consumption goods.Private consumption, traditionally the main driver of growth, increased 5.7 percent.Third-quarter contraction was revised to 1.3 percent Friday from 1.8 percent, while growth in the preceding three-month period was revised up to 5.3 percent from 4.5 percent.
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