7/2/2008

Turkey's economic growth accelerates to 6.6%

Bloomberg - Turkey's economic growth accelerated to 6.6 percent in the first quarter from a six-year low in the previous three months as farming recovered from drought, exports boomed and consumer spending grew. The growth rate rose from 3.4 percent in the fourth quarter, the state statistics office in Ankara said on its Web site. The economy had been expected to expand by 5 percent, according to the median estimate of 15 economists surveyed by Bloomberg. Manufacturing output, driven by record exports, helped sustain the 25th consecutive quarter of growth in the European Union membership candidate. The global credit crunch and a lawsuit to outlaw the ruling party, which has presided over the economic expansion, may constrain growth in the remainder of the year. The agriculture sector expanded 5.6 percent, compared with a contraction of 6.9 percent in the first quarter of 2007 when low rainfall reduced the harvest in central Anatolia.
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