Turkey's GDP recorded a 11.7% year-on-year rise in Q1 of 2010, making it the second fastest growing economy among G-20 countries after China.
This is the highest quarterly growth since the Q2 of 2004, which recorded a 11.9% growth.
The growth rate was widely expected to turn out somewhere between 11-11.5% in the Turkish markets.
Turkey's statistical authority, TurkStat, announced Wednesday that the gross domestic product (GDP) in Q1 of 2010 rose 11.7% year-on-year and reached 23,350 million
Turkish liras in constant prices.
TurkStat said the GDP rose 16% year-on-year and reached 243,258 million Turkish liras in current prices in the first quarter of 2010.
The highest growth in Q1 of 2010 was recorded with 22.4% in the retail and wholesale commerce which was followed by the production sector which grew at 20.6%.
Meanwhile, calendar adjusted GDP in Q1 of 2010 rose 11.7% year-on-year, and 0.1% quarter-on-quarter.
Turkish economy which recorded its highest growth rate of the last decade in 2004 with 9.4%, entered a declining trend in growth rates in 2005 and started showing signs of economic downturn in Q4 of 2008.
The growth rate which was 6.95% in 2006 gradually declined: down to 4.7% in 2007, and down to 0.7% in 2008, with the global financial crisis, and finally resulted with a 4.7% of contraction in 2009.
In 2009, the economy contracted at 14.5% in Q1, 7.7% in Q2 and 2.9% in Q3, finally resuming growth in Q4 with 6%.
In his address to the group meeting of his party in the parliament on Tuesday Turkish Premier Recep Tayyip Erdogan said Turkey was the economy that made the quickest recovery from the crisis, noting that all the G-20 leaders whom he met during the summit in Toronto confirmed it.
Turkey's Minister of Industry and Trade Nihat Ergun said the Q1 growth rate was an indicator showing that Turkey was making a safe and stable recovery from the crisis.
Ergun pointed out that the 11.7% growth in Q1 of 2010 was mostly due to the base effect from the 14.5% contraction in Q1 of 2009, noting that the base effect would start to diminish in Q2, projecting an economic growth of 6% to 8%.
He said they expected an annual growth rate higher than 6% for 2010 signalling that their government could make an upward revision in the annual growth projection of 3.5% in the Mid Term Program, which he said was very cautious under current circumstances.
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