Turkish Economy Rebounds With 11.7 Pct Growth Spurt In Q1
The Turkish Statistics Institute (TurkStat) released its quarterly growth rates on Wednesday, revealing that the economy had continued to grow for the second straight quarter. The growth rate was in double digits, in line with market expectations. Accordingly, Turkey’s gross domestic product (GDP) amounted to TL 23.35 billion at constant prices in the first three months of the year, 11.7 percent higher than a year earlier, when the economy contracted by 14.5 percent. At current prices the year-on-year growth in the GDP was 16 percent, reaching a total GDP of TL 243.26 billion.
Prime Minister Recep Tayyip Erdoğan signaled that the first quarter growth figures will definitely be high during his speech at the Justice and Development Party (AK Party) parliamentary group meeting yesterday. “Turkey’s growth performance is drawing worldwide attention. This has been confirmed by each and every leader I have talked with. With the growth rates to be announced [Wednesday], we will hopefully be breaking a new record.”
However, even though the growth surge in GDP was the largest in six years, it failed to break the record, albeit by only a tiny margin, and remained behind the growth rate seen in the second quarter of 2004, 11.9 percent.
With this phenomenal growth rate, Turkey came in second among the G-20 economies, after China, which posted a growth rate of 11.9 percent. During this period the European Union economy expanded by only 0.3 percent, with Germany and France expanding by 1.5 and 1.2 percent, respectively, while the UK suffered a contraction of 0.3 percent.
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