Posted on 09 April 2010
Industrial output in Turkey was 18.1% higher this February than last, and in the opening two months of the year, 15% higher than the same period of last year. This followed on from an 12.1% year on year increase in output recorded in January, and was a 0.5% month-on-month increase compared to January.
One of Turkey’s leading economists Veyis Fertekligil of Turkland Bank believes this growth, as well as further growth in output in March, will lead to a strong first quarterly GDP growth — let’s face it; it doesn’t take a rocket scientist, or an economist to predict this.
The Turkish economy grew 6% in the final quarter of last year, compared to the same period in 2008. This was one of the strongest exits from recession recorded anywhere in the world.
The Turkish government is predicting an even stronger growth in the opening quarter of this year, with economy Minister Ali Babacan saying that it could even be as high as 10%.
A strong growth, of even 3-5% for the first quarter will be enough to reinforce confidence that Turkey’s decision to stand without the IMF was the right choice to make — positive things have already emerged from the decision with an increase in the tempo of foreign private and institutional investment into Turkish companies.