Turkey’s economic growth rises to 6.6 pct

Posted on 14 February 2011

Date: 08/07/2008
Turkey’s economic growth rises to 6.6 pct

Turkey’s economic growth accelerated more than expected during the first quarter of the year. As the farmers recovered from drought and exports boomed, the country’s economic growth accelerated to 6.6 percent from 3.4 percent in 2007’s fourth quarter

Turkey‘s economic growth accelerated to 6.6 percent in the first quarter from a six-year low in the previous three months as farming recovered from drought, exports boomed and consumer spending grew. The growth rate rose from 3.4 percent in the fourth quarter, the Turkish Statistical Institute, or TÜIK said on its Web site yesterday. The economy had been expected to expand by 5 percent, according to the median estimate of 15 economists surveyed by Bloomberg. Manufacturing output, driven by record exports, helped sustain the 25th consecutive quarter of growth in the European Union membership candidate.

European demand

First-quarter exports jumped 44 percent from the same period of 2007 as European demand for Turkish-made goods such as cars and washing machines grew. Ford Otosan, Ford Motor Co.’s Turkish joint venture that makes cars in western Turkey, said first-quarter profit more than doubled from a year earlier. Industrial production expanded an average of 7.1 percent in the first quarter of the year and exports hit $11.4 billion in March, a record for a single month. Domestic spending rose 7.1 percent. The Central Bank cut its benchmark overnight borrowing rate by a total of 2.25 percentage points to 15.25 percent between September and February before halting its reductions. It increased the rate by a total of 1 percentage point in May and June and may raise it again in July, the bank said June 26.

Turkish Daily News 1 July 2008 (Abridged)

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