7/5/2013

Turkey surpasses Eurozone in GDP growth

Dünya – The Turkish economy’s performance in the first quarter left all other Eurozone countries behind, according to data derived from EuroStat and TurkStat.


Turkey posted a growth rate of 3 percent for the first of quarter of 2013 while, according to the recently revised EuroStat figures, Eurozone economies experienced a contraction of 1.1 percent. The Turkish economy also performed better than 26 of the 28 members of the EU, whose economy contracted by 0.7 percent on average in the given period. Compared to same period of 2012, the US, the world's largest economy, recorded a 1.6 percent growth and Japan, 0.2 percent.


Turkey’s annual GDP growth stood at 2.2 percent in 2012 following impressive growth rate figures of 9.2 and 8.5 percent in 2010 and 2011 respectively. The country aims to reach a growth rate of 4 percent this year, as forecasted in the government’s Medium Term Program.


According to an OECD report released late last year entitled “Looking to 2060: Long-term growth prospects for the world’, Turkey’s forecasted average GDP growth rate of 2.9 percent in the next 50 years will make the country one of the top 10 fastest growing economies in the world.

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