12/11/2013

Turkey posts 4.4 pct Q3 growth, likely to surpass year-end target

Star – The Turkish economy has recorded 4.4 percent growth in the third quarter of 2013, beating market forecasts of 4.2 percent. According to official data, Turkey’s economy continued on its growth track for the 16th consecutive quarter, becoming one of the top 10 fastest growing economies in the world.


Turkey’s overall GDP growth for the first 9 months of the year has reached 4 percent, a likely sign of beating the previously announced year-end target of 3.6 percent.


Commenting on the higher-than-expected growth, Turkey’s Minister of Economy, Zafer Caglayan said that Turkey had managed to become one of the fastest growing economies in Europe and also among the G20 nations and the members of the Organization for Economic Cooperation and Development (OECD).


“Our 4th quarter growth will be positively affected by developments in the foreign conjuncture. 2013 growth may reach 4 percent”, Caglayan said in a written statement.

 
Turkey emerged as one of the fastest growing economies in the post-crisis period reaching impressive growth rate figures of 9.2 and 8.5 percent in 2010 and 2011 respectively, followed by 2.2 percent growth in 2012.


The country’s average economic growth in the 2012-2017 period will reach 5.2 percent according to a forecast by the OECD.

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