Turkey's growth above expectation at 4% from end '13

Turkey´s economy grew above expectation at 4 percent annually in last quarter of 2013.

Turkey's growth above expectation at 4% from end '13

World Bulletin / News Desk

Turkey’s economy continued on its growth path for the 17th consecutive quarter, expanding by 4.4 percent in the October-December period of 2013, according to a statement by the Turkish Statistical Institute on Monday.

Gross Domestic Product - the market value of all officially recognized finished goods and services produced within a country in a year - is estimated to have increased by four percent in 2013, compared with 2.1 percent in 2012.

Turkey´s Finance Minister Mehmet Simsek said in a statement, "Turkey grew by 4 percent in 2013, an increase from the 3.6 percent growth rate predicted in the goverment´s medium term economic plan."

GDP increased by 10.2 percent and reached 1.56 trillion lira (US$720 billion) at current prices.

Financial intermediation, increased by 9.8 percent and reached 15.5 billion lira (US$7.2 billion) at constant prices compared to 2012 while the manufacturing industry, increased by 3.8 percent and reached 29.4 billion lira (US$13.9 billion) at constant prices. Simsek stressed this growth was led by domestic consumption, which contributed 6.4 points to growth throughout 2013.

"The growth was recorded despite many disadvantages such as tapering of quantitative easing, recent financial volatilities, regional, global and political disputes that have emerged in the last months along with the increase in oil prices," he said.

The finance minister also said he expects some slow down in growth in 2014 but the positive trend will continue.

Simsek added that political risks in the country have been reduced after Sunday's local elections and the election result will support the country´s domestic demand and impact on this year's growth outlook.

The per capita gross domestic product in 2012 was 18.846 TL (US$10.459) and in 2013 was 20.531 TL (US$10.782) at current prices.

Turkey´s medium term economic program by the treasury said the country´s official figures for growth rate was 3.6 percent in 2013 and predicts to be 4 percent this year.

The European Commission's winter forecast on 25 February downgraded its expectations for Turkey's economic growth in 2014 and 2015. The report forecast predicted Turkey´s economy to grow by 2.5 percent in 2014 and by 3 percent in 2015, making it a half a percent less for this year and a 0.8 percent decrease for 2015 than predicted in the Commission's last forecast in November.

In 2013, annual exports decreased by 0.4 percent to US$151.9 billion compared to 2012, while imports rose 6.4 percent, reaching US$251.7 billion.

Last year, the foreign trade deficit increased 18.7 percent to US$99.8 billion compared to 2012.

Last Mod: 31 Mart 2014, 14:55
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