Aksam – Turkey’s GDP expanded by 4.4 percent in the final quarter of 2013, resulting in 4 percent full-year growth, the Turkish Statistical Institute (TurkStat) said in a recently released statement.
Beating expectations amidst a turbulent regional setting and increasing global uncertainties, the 4.4 percent growth in Q4-2013 represents the 17th consecutive quarter in the Turkish economy’s growth trajectory. Far exceeding the EU economies in GDP growth rate for the last year, Turkey’s economy hit USD 820 billion in size at current prices.
Commenting on the growth figures, Turkey’s Minister of Finance Mehmet Simsek said that the expansion was primarily fuelled by domestic growth. “Despite the negative conjuncture, Turkey has achieved strong growth performance, even exceeding the Medium Term Program forecast of 3.6 percent”, Minister Simsek said in a statement.
Turkey’s annual GDP growth stood at 2.2 percent in 2012 following impressive growth rate figures of 9.2 and 8.5 percent respectively in 2010 and 2011.