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Turkey’s annual growth beats expectations, hits 4 percent 

AA - Turkey’s GDP expanded by 5.7 percent in the final quarter of 2015, bringing the annual growth rate to 4 percent. Beating expectations by the IMF and the OECD, the country’s growth rate matched the exact figure forecast in the government’s Medium-Term Program.

Commenting on Turkey’s 2015 growth performance, Minister of Economy Mustafa Elitaş said that the growth rate of 4 percent indicated the strong economic footing of the country’s transformation in the last 13 years. “This success is the result of the last 13 years of resolutely implemented reforms, macroeconomic policies and our courageous exporters, industrialists and entrepreneurs,” he said in a written statement.

Saying that many developed and emerging nations faced difficulties last year, Elitaş noted that organizations like the IMF, the World Bank and the OECD had predicted 3 percent growth for the global economy for 2015.

“Turkey’s 2015 growth performance has left behind such forecasts. Turkey also outpaced 23 EU members with 4 percent growth,” he stated.

The last quarter of 2015 is the 25th consecutive period of growth in Turkey’s economy. The 4 percent rate is also the highest in the last 17 quarters. The country grew by 2.9 percent in 2014.

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