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Turkey's Q2 GDP surges 8.8 pct to $15.5 bln
Turkey's gross domestic product (GDP) clinched an 8.8 percent growth rate, amounting to $15.5 billion, in the April-June period of this year over the same period a year ago, maintaining the strong performance it has displayed over the past months.
Statistics show that Turkey has been the world's second-fastest growing country during this period following China. The Turkish Statistics Institute (TurkStat) released its quarterly growth rates on Monday, indicating that the economy had continued to grow for the seventh straight quarter.
Turkey enjoyed 11 percent growth in the previous quarter, the world's fastest growth rate in that period. The government expects a growth rate of 6 percent for 2011. Deputy Prime Minister Ali Babacan earlier said the government maintained its commitment to strong but modest economic growth this year.
The Turkish economy suffered a 4.8 percent contraction in 2009, when global financial turbulence ravaged world economies, over the preceding year. Thanks to a strict adherence to a disciplined monetary policy, timely measures taken by the Central Bank of Turkey and intensive investment from the private sector, the economy was able to bounce back faster than foreseen from the 2009 crisis.
Growth projections were around 7-7.5 percent for the second quarter.
Turkey's Q2 GDP surges 8.8 pct to $15.5 bln
Turkey's gross domestic product (GDP) clinched an 8.8 percent growth rate, amounting to $15.5 billion, in the April-June period of this year over the same period a year ago, maintaining the strong performance it has displayed over the past months.
Statistics show that Turkey has been the world's second-fastest growing country during this period following China. The Turkish Statistics Institute (TurkStat) released its quarterly growth rates on Monday, indicating that the economy had continued to grow for the seventh straight quarter.
Turkey enjoyed 11 percent growth in the previous quarter, the world's fastest growth rate in that period. The government expects a growth rate of 6 percent for 2011. Deputy Prime Minister Ali Babacan earlier said the government maintained its commitment to strong but modest economic growth this year.
The Turkish economy suffered a 4.8 percent contraction in 2009, when global financial turbulence ravaged world economies, over the preceding year. Thanks to a strict adherence to a disciplined monetary policy, timely measures taken by the Central Bank of Turkey and intensive investment from the private sector, the economy was able to bounce back faster than foreseen from the 2009 crisis.
Growth projections were around 7-7.5 percent for the second quarter.
Turkey's Q2 GDP surges 8.8 pct to $15.5 bln
