6/11/2015

Turkey posts growth for the 22nd consecutive quarter

Star – Turkey’s economy continued on its growth path for the 22nd consecutive quarter, expanding by 2.3 percent in the first quarter of 2015 over the same period of last year. Exceeding the market forecasts of 1.6 percent, Turkey’s quarterly growth rate of 2.3 percent secures the country 14th place in the list of world’s fastest growing economies.


Commenting on the latest figures, Vice Prime Minister Ali Babacan said that Turkey’s growth continued unabated for the 22nd quarter despite the uncertainties abroad.

 

“Sound macroeconomic foundations, strong public finance, and a healthy banking industry ensure the resilience of the Turkish economy against external shocks. The following months are likely to see higher growth reinvigorated by increasing outside demand,” he noted in a written statement. Babacan also drew attention to the 577,000 jobs created in the first quarter of 2015, with the total since 2009 amounting to 6.3 million jobs.


Challenged by geopolitical crises in adjacent regions and sluggish recovery in its main export market, the EU, Turkey’s annual economic growth reached 2.9 percent in 2014. The country is forecast to grow 4 percent this year.

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