Milliyet - Turkey’s successful economy continued to expand on a sound footing in the second quarter of 2011, achieving a respectable 8.8 percent year-on-year growth rate. Turkey’s GDP in the said period reached USD 203 billion in current prices, data from the Turkish Statistical Institute (TurkStat) revealed.
TurkStat also revised the country’s first-quarter growth rate from 11 percent, a record in itself, to 11.6 percent. The Turkish economy’s high growth rates are largely due to strong domestic demand and investment. Prior to TurkStat’s announcement, market expectations for the second-quarter growth rate had been hovering at around 6.5 percent.
Turkey posted 10.3 percent GDP growth in the second quarter of 2010, followed by growth rates of 5.2 percent and 9.2 percent in the consecutive quarters, with the annual growth rate standing at 8.9 percent. No single economy registered double-digit growth in the second quarter of 2011. China took the lead with 9.5 percent growth, followed by Turkey with 8.8 percent.