Turkish Economic Growth Accelerated to 11% in First Quarter

[cabatli_53]

Turkey’s economic growth accelerated to 11 percent in the first quarter, defying the central bank’s attempts to rein in a credit-driven boom that it says may pose a risk to financial stability.

The annual growth rate rose from 9.2 percent in the previous three months, the state statistics office in Ankara said on its website today. The median estimate of 13 economists surveyed by Bloomberg was 9.7 percent.

Central bank Governor Erdem Basci is trying to slow growth toward the government target of 4.5 percent this year by restricting consumer credit. From November through January, the bank doubled the reserves that banks must set aside against short-term liabilities, reducing the money available to lend.

“There is a definite need for fiscal and monetary tightening,” Yarkin Cebeci, an economist for JPMorgan Chase & Co. in Istanbul, said in a phone interview before the figures were announced. The pace of growth is creating a wider current- account deficit that leaves Turkey “vulnerable to changes in investor sentiment.”

The economy grew 1.4 from the previous quarter, according to seasonally adjusted figures announced today.

The economic expansion helped Prime Minister Recep Tayyip Erdogan win a third term in national elections on June 12. Budget spending, excluding interest payments on debt, rose an annual 12 percent in first five months of the year, faster than the 8 percent growth that the government plans for 2011.

Turkish Economic Growth Accelerated to 11% in First Quarter - Bloomberg

 

[silko]

if we keep on growing like this, will our vision about 2023 be possible to reach?

 

[Cheetah786]

i Guess it will be Europeans pretty soon chasing Turkey to join in European Union i am watching this and loving it finally the Turks can tell Euros to take their union and stick it where the sun does not shine.

 

[izmit_man]

if we keep on growing like this, will our vision about 2023 be possible to reach?

With 11% growth achieved this quarter and %9 percent growth of last year we would be around 40000-50000(nominal not PPP) dollars when 2023 comes. But this rate of growth is hard to sustain.. I think we would go with 6-7% percent growth(which is our normal pace) rate till 2023 and our GDP per person would be around 30000 nominal.. So Erdogans target of 25000 dollars per person is quite easy to achieve..

 

[*Awan*]

if we keep on growing like this, will our vision about 2023 be possible to reach?

Mashallah.
Good going Turkey.
what is 2023 vision?

With 11% growth achieved this quarter and %9 percent growth of last year we would be around 40000-50000(nominal not PPP) dollars when 2023 comes. But this rate of growth is hard to sustain.. I think we would go with 6-7% percent growth(which is our normal pace) rate till 2023 and our GDP per person would be around 30000 nominal.. So Erdogans target of 25000 dollars per person is quite easy to achieve..

Welcome Brother

 

[izmit_man]

2023 is 100th year of Turkish Republic(After collapse of Ottoman Empire in World War I).. And the vision is to become a completely developed country when 2023 comes..(Well currently Turkey is classified as newly developed country but it's not fully developed.. 2023 points to full development.. Which we Turkish people think that Turkey will be more than a fuly developed country when our 100th year comes. Whith current economic growth we will surpass this target..)

 

[cabatli_53]

2023 is 100th year of Turkish Republic(After collapse of Ottoman Empire in World War I).. And the vision is to become a completely developed country when 2023 comes..(Well currently Turkey is classified as newly developed country but it's not fully developed.. 2023 points to full development.. Which we Turkish people think that Turkey will be more than a fuly developed country when our 100th year comes. Whith current economic growth we will surpass this target..)

I can simply list some of 2023 targets in terms of defence technologies,

-Domestic stealth aircraft called TF-X would have been on sky.
-Airliners industry having different range of airliners until 2023
-Development of domestic attack and utility helicopters would have been finished.
-Great range of domestic missiles from SSM-SAM to A2A-BWR-AG-cruise and ballistic missiles to be on export markets.
-From Assault boats to Destroyers navigating (Milgem,TF-2000, National assault boat and other ship programs) with Turkish electronics, propulsion systems, radars and hitting the targets with domestic missiles.
-Having a range of engines from 75hp to 1500hp to power from civilian cars to tanks.
-Entering top-5 engine exporter until 2023
-Entering top-10 weapon exporter of the world with billion $ incomes.
.
.
.

 

[Kambojaric]

Well done and good luck with your 2023 targets

 

[silko]

I can simply list some of 2023 targets in terms of defence technologies,

-Domestic stealth aircraft called TF-X would have been on sky.
-Airliners industry having different range of airliners until 2023
-Development of domestic attack and utility helicopters would have been finished.
-Great range of domestic missiles from SSM-SAM to A2A-BWR-AG-cruise and ballistic missiles to be on export markets.
-From Assault boats to Destroyers navigating (Milgem,TF-2000, National assault boat and other ship programs) with Turkish electronics, propulsion systems, radars and hitting the targets with domestic missiles.
-Having a range of engines from 75hp to 1500hp to power from civilian cars to tanks.
-Entering top-5 engine exporter until 2023
-Entering top-10 weapon exporter of the world with billion $ incomes.
.
.
.

i also heard it was something like being in the top 10 economies in the world! is that true

 

[Zulkarneyn]

i also heard it was something like being in the top 10 economies in the world! is that true

Yep, that is our goal as well.

 

[Mehmet]

While I support this growth the consequences is that if it should come to a grinding halt then sectors that have racked up large debts will bring the rest of the nation down with it (case in point: Greece), I also want sh** loads of money flowing into my pocket and to my fellow Turks but this growth has to be slowed down, the risks are simply too significant. Fortunately we have significant factors that not only continue to drive the economy but should at least provide a pillow if we hit the wall

 

[Evil Flare]

EURO is dead .. Turkey should not join it