Dünya – Driven by domestic consumption, Turkey’s economy continued to expand in the second quarter of 2015, achieving a year-on-year growth rate of 3.8 percent.
According to data released by the Turkish Statistical Institute (TurkStat), the country’s economy has continued on its growth track since the last quarter of 2009 and beat the 3.3 percent market estimate.
TurkStat also revised the country’s first-quarter growth rate from 2.3 percent, to 2.5 percent. The Turkish economy’s high growth rates are largely due to strong domestic demand and private sector investments.
Commenting on the growth figures, Turkey’s Minister of Economy, Nihat Zeybekci, said that despite the slowdown in the global economy, observed during the second quarter, Turkey managed to grow beyond expectations. The Minister remarked, “Affected by developments around the world, the contribution of exports to the GDP growth has declined. With the recovery of exports, we can say that Turkey’s GDP growth will achieve a growth rate above 5 percent.”
In 2014, Turkey’s annual economic growth reached 2.9 percent.