9/27/2011

“No obstacles before Turkey’s 7 percent annual growth”

Milliyet – The Turkish economy is set to continue growing throughout the year, albeit at a slower pace in the second half, as a result of European markets facing mounting uncertainties, Turkey’s Minister of Science, Industry and Technology Nihat Ergun has said.
Assessing the recently released industrial capacity utilization rates for September, Minister Ergun said that the manufacturing sector’s utilization rate has reached 76.2 percent, having risen 2.7 points when compared to the same month of the previous year and 0.1 point over the previous month. Seasonally adjusted, September’s increase stood at 2.7 points over the same month of 2010, while month-on-month increase incremented 0.3 points, taking utilization rate up to 74.2 percent, Ergun said.
“These figures point to high economic performance in the third quarter. Turkey will continue to be among the world’s fastest growing economies.”, the Minister said, adding that the country’s annual growth is likely to exceed the forecasted 7 percent by a small margin. Turkey scored a record 11 percent GDP growth in the first quarter, followed by a robust 8.8 percent in the second quarter. IMF has recently revised Turkey’s growth forecast upwards to 7.5 percent.
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