Turkey's Gross Domestic Product (GDP) growth hit 5.1 percent in the second quarter of 2017, the Turkish Statistical Institute (Turk Stat) announced on Monday.

The total value added achieved a year-on-year increase of 4.7 percent in the agricultural sector, 6.3 percent in the industry sector, 6.8 percent in the construction sector and 5.7 percent in the services sector in the second quarter of 2017.

The exports of goods and services have increased by 10.5 percent in the second quarter, official statistics suggested.

The Deputy Prime Minister Mehmet Simsek contributed the increase to strong demand in Europe and commodity exporting countries. The increase in tourism revenues also helped the growth in exports of goods and services.

Shortly after the official statistics was released, the Turkish lira rebounded against the U.S. dollar on Monday morning.

The dollar/lira exchange rate dropped to 3.3986 at around 11 a.m. local time (0800 GMT), down from 3.4080 at Friday's close, hitting highest value against the dollar this year.

The BIST 100, the benchmark stock index, rose by nearly 1.1 percent as well.

Turkish Finance Minister Naci Agbal predicted that the growth rate in the third quarter would accelerate with tourism revenue growth, higher exports and base effect.

Meanwhile, Turk Stat revised its growth data regarding all quarters of 2015 and 2016 and the first quarter of 2017.

The overall growth rate in 2016 was revised to 3.2 percent from 2.9 percent.

The growth rate in the first quarter of 2017 was revised up from 5 percent to 5.2 percent.