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Turkey: the Fastest Growing Economy in Europe Growing Beyond Expectations

Posted on 10 December 2010

Ali Babacan, the Turkish Minister for the Economy has said that the massive increase in the industrial production index for October means that the government’s economic growth forecast for 2010 must be revised upwards.

"Industrial output increased by 9.8 percent in October. The recovery in Turkish industry started in October 2009, and now we see a significant increase in the industrial production index. This shows that we, as the government, need to revise year-end growth expectations upwards," he said.

Babacan went onto highlight the massive 11% growth in the Turkish economy in the first half of the year, and the fact that the world’s leading financial institutions are tipping Turkey as the fastest growing economy in Europe for the year as a whole. He said:

"The European Union, the International Monetary Fund [IMF] and the Organization for Economic Cooperation and Development [OECD] indicate their year-end growth rate expectations for Turkey as 7.5, 7.8 and 8.2 percent, respectively. This shows that Turkey will be the fastest growing nation in Europe; both this year and next year. Turkey also has the lowest public debt to national income ratio in Europe."

Commenting on Babacan’s statements, Julian Walker, director of Turkish Emlak Spot Blue said:

"Since 2002 and especially 2005 the popularity of Turkish property has risen almost constantly if steadily, and little wonder: a country with three gorgeous coastlines to different oceans, each with very different characteristics, all sharing sun, sea and sand, in a country that enjoys 300 days of sunshine per year and some of the lowest priced property in Europe and the world.

"For Turkey now to be the fastest growing economy in Europe, giving it even more resources to funnel back into the infrastructure, Italy, France and Spain should be quaking in their boots."

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