Turkey's Economy Grows 11% in First Quarter

Image Turkey's economy grew 11 percent in the first quarter of 2011, Turkish Statistics Institute said on Thursday. The economy had grown 9.2 percent in the last quarter of 2010, and 8.9 percent throughout the previous year, higher than the expectations of the government. Turkey's GDP was up 17.9 percent in current prices and reached 284.8 billion Turkish liras-TL (175.4 billion USD). In constant prices, Turkey's economy grew 11 percent and reached 25.8 billion TL (15.8 billion USD).

Calendar adjusted GDP in the first quarter of 2011 rose 11 percent compared to the same quarter of 2010 while seasonal and calendar adjusted GDP increased by 1.4 percent.

Commercial sector was the fastest growing with 17.2 percent in Q1 2011 while the sector grew 20.5 percent in the same quarter a year earlier.

Strong economic growth and easing unemployment are the main trump cards of the Prime Minister Recep Tayyip Erdogan, according to analysts, as he won a straight third term in the office in June 12 parliamentary elections.

Turkey's recovery from the global crisis began in the last quarter of 2009, when GDP increased by 6.0 percent after a contraction cycle of four quarters that caused the economy to slump 4.8 percent in 2009.

Last modified onSaturday, 06 May 2017 10:07