cabatli_53
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Turkey's statistics authority TurkStat said the country's gross domestic product increased by 8.2 percent on fixed prices in the third quarter this year.
Current account deficit reached $65 billion between January and October 2011.
MACRO - Turkey's GDP up by 8.2
---------- Post added at 05:58 PM ---------- Previous post was at 05:56 PM ----------
Q3 economic growth at 8.2 pct as CAD dips to $4.2 bln in October
Turks woke up to a bright morning on Monday as official figures suggested their country's economy continued the strong growth it attained following the global financial crisis in the third quarter of this year, coupled with a smaller current account deficit (CAD) in October compared to a month earlier.
According to the Turkish Statistics Institute (TurkStat), Turkey's gross domestic product (GDP) expanded by 8.2 percent in the July-September period, marking the eighth quarter in a row the country's economy has grown. That much expansion made us the second fastest growing economy worldwide, after China, in the third quarter. We expect our economy to grow no less than 4 percent next year, said Industry, Science and Technology Minister Nihat Ergün, speaking on a program broadcast by a private TV station shortly after the announcement was made.
With this latest announcement, the country's economic growth rate for the first three quarters of this year was ascertained at 9.6 percent. The minister also said all outsider observers may have to revise their economic growth forecasts for Turkey for 2012 as the country's GDP continues to exhibit a speedy growth performance with most experts downplaying the possibility of a hard landing. The International Monetary Fund (IMF) estimates that the Turkish economy will grow by 2 percent next year.
We, on the other hand, see a 4 percent economic growth rate in our medium-term economic growth. This is, I must say, a very prudential estimate, but there are dynamics within the Turkish economy that refute simple math, such as two times two equals to four. This is what leads the Turkish economy to grow at levels beyond expectations, Ergün noted.
Adding to the joy was a statement released by the Central Bank of Turkey on the country's balance of payments figures. According to that statement, Turkey's CAD was at $4.2 billion in October, nearly 35 percent lower than what it had in September.
Current account deficit reached $65 billion between January and October 2011.
MACRO - Turkey's GDP up by 8.2
---------- Post added at 05:58 PM ---------- Previous post was at 05:56 PM ----------
Q3 economic growth at 8.2 pct as CAD dips to $4.2 bln in October
Turks woke up to a bright morning on Monday as official figures suggested their country's economy continued the strong growth it attained following the global financial crisis in the third quarter of this year, coupled with a smaller current account deficit (CAD) in October compared to a month earlier.
According to the Turkish Statistics Institute (TurkStat), Turkey's gross domestic product (GDP) expanded by 8.2 percent in the July-September period, marking the eighth quarter in a row the country's economy has grown. That much expansion made us the second fastest growing economy worldwide, after China, in the third quarter. We expect our economy to grow no less than 4 percent next year, said Industry, Science and Technology Minister Nihat Ergün, speaking on a program broadcast by a private TV station shortly after the announcement was made.
With this latest announcement, the country's economic growth rate for the first three quarters of this year was ascertained at 9.6 percent. The minister also said all outsider observers may have to revise their economic growth forecasts for Turkey for 2012 as the country's GDP continues to exhibit a speedy growth performance with most experts downplaying the possibility of a hard landing. The International Monetary Fund (IMF) estimates that the Turkish economy will grow by 2 percent next year.
We, on the other hand, see a 4 percent economic growth rate in our medium-term economic growth. This is, I must say, a very prudential estimate, but there are dynamics within the Turkish economy that refute simple math, such as two times two equals to four. This is what leads the Turkish economy to grow at levels beyond expectations, Ergün noted.
Adding to the joy was a statement released by the Central Bank of Turkey on the country's balance of payments figures. According to that statement, Turkey's CAD was at $4.2 billion in October, nearly 35 percent lower than what it had in September.
