12/14/2012

Turkey leads OECD countries in growth

Sabah – Turkey’s stellar economic performance in the last decade, most evident in its average GDP growth rate of 5.1 percent, will leave behind the member countries of the Organization for Economic Co-operation and Development (OECD), the organization predicts.


According to the OECD data covering 2003-2012 period, this year’s figures based on estimates, the GDP growth of member countries averaged at 1.7 percent, while the global rate stood at 3.5 percent. Turkey in the given period attained a rate of 5.1 percent, outperforming its OECD peers by a considerable margin. Even during the global financial crisis, heavily felt in 2008-2009, Turkey’s economy did remarkably well and recovered in a spectacular fashion with rates of 9.2 and 8.5 percent in 2010 and 2011, respectively.


The country’s GDP increased by more than three-fold in the last decade, reaching USD 772 billion in 2011 figures, up from 231 billion in 2002.


Turkey’s GDP expansion in 2012 will be on par with the world average of 2.9 percent, according to the OECD estimate, still well-above the 1.4 average growth rate of the 34-member organization.

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