Posted on 15 September 2010
This week saw Turkstat release figures for Turkish Gross Domestic Product growth in the second quarter and we have not been disappointed — not by much anyway.
According to Turkstat, Turkish GDP grew 10.3% year on year in the second quarter, following the massive 11.7% year on year growth recorded in the first quarter.
We weren’t disappointed much as some government sources predicted 10% growth, but one source (I think it was the trade minister) predicted that growth in the second quarter could be as high as 11%.
Of course we aren’t disappointed, This quarter saw Turkey become the third fastest growing economy in the world (after Taiqwan and Singapore). It also saw Turkey grow as fast as China (10.3%) the fastest growing economy in the world, and faster than Brazil (8.8%), which is currently the hottest emerging market in terms of coverage and commentary.
Furthermore alongside the fact that unemployment is steadily decreasing, it is — according to analysts — a clear sign that Turkey is now definitively on the path to recovery from the recession.
According to the latest figures from Turkstat, Turkish unemployment fell 2.6% this May compared to May last year, which took the total jobless figure below 3 million for the first time since November 2008.