Turkish Economy Expanded 5.5 Percent in Third Quarter

[Jigs]

Turkey’s economy expanded 5.5 percent in the third quarter from a year earlier, prolonging a boom that has helped the government reduce borrowing and approach investment-grade credit ratings.

Growth slowed from a revised 10.2 percent in the previous three months, the state statistics institute in Ankara said today on its website. The median estimate of nine economists surveyed by Bloomberg was 6.5 percent. The economy expanded 1.1 percent from the previous quarter after seasonal adjustment, the sixth consecutive quarter it has grown.

Record-low interest rates are fuelling domestic demand, driving a faster recovery from the global crisis than any other economy in Europe, and attracting foreign investors including Banco Bilbao Vizcaya Argentaria SA. Growth for the whole year may reach 8 percent, Trade Minister Zafer Caglayan said today after the figures were released.

Turkish Economy Expanded 5.5 Percent in Third Quarter - Bloomberg

 

[Jigs]

TURKEY

Trade organisations G-20 major economies, OECD, EU Customs Union, WTO, ECO, BSEC

Statistics

GDP $1.119 Trillion (2010)
GDP growth -4.7% (2009)
11.7% (Q1 2010), 10.3% (Q2 2010)
GDP per capita $15,392 (2010)
GDP by sector agriculture: 9.4%; industry: 25.9%; services: 64.7% (2009 est.)

Inflation (CPI) 5.53% (November 2009)
Gini index 41 (2008)
Labour force 25.3 million (2009 est.) note: about 1.2 million Turks work abroad
Labour force
by occupation agriculture: 29.5%, industry: 24.7%, services: 45.8% (2005)
Unemployment 10.5% (June 2010)
Main industries textiles, food processing, autos, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper
Ease of Doing Business Rank 65th [7]
External
Exports $102.2 billion (2009 est.)
Export goods apparel, foodstuffs, textiles, metal manufactures, transport equipment
Main export partners Germany 9.6%, France 6.1%, U.K. 5.8%, Italy 5.8%, Iraq 5% (2009 est.)
Imports $140.8 billion (2009 est.)
Import goods machinery, chemicals, semi-finished goods, fuels, transport equipment
Main import partners Russia 14%, Germany 10%, China 9%, U.S. 6.1%, Italy 5.4%, France 5% (2009 est.)
FDI stock $205 billion (31 December 2009 est.)
Gross external debt $274 billion (31 December 2009 est.)
Public finances
Public debt 48.5% of GDP (2009 est.)
Revenues $145.3 billion (2009)
Expenses $180.6 billion (2009)
Foreign reserves $75.3 billion (31 December 2009 est.)

 

[Zulkarneyn]

A few figures of the Economic development of Turkey and a few facts:

- The GDP growth rate from 2002 to 2007 averaged 7.4% which made Turkey one of the fastest growing economies in the world during that period.

- Nearly 10% of the world's energy supply now passes through Turkey

- Exports increased 240% over the past 4 years and are expected to double to $200 billion by 2013

- Turkic people are the 5th largest ethnic group in the world, totaling more than 160 million

- Turkey is enjoying the longest period of uninterrupted economic growth in its history

-Turkey has a large and growing automotive industry, which produced 1,147,110 motor vehicles in 2008, ranking as the 6th largest producer in Europe (behind the United Kingdom and above Italy) and the 15th largest producer in the world. Turkey is also one of the leading shipbuilding nations; in 2007 the country ranked 4th in the world (behind China, South Korea and Japan) in terms of the number of ordered ships, and also 4th in the world (behind Italy, USA and Canada) in terms of the number of ordered mega yachts.

Source:
http://bennettlawfirm.typepad.com/abraham_dialogue_society/2008/06/turkey-360-did.html
http://cataniainvestments.com/files/turkey/TURKISH_SHIP_BUILDING_INDUSTURY.pps

Still some people, think that since AKP came to power Turkey has lost both economically and strategically.

 

[Killuminati]

80% goes to abroad.

 

[TrMhMt]

Turkiye grows really fast but it doesn't solve the unemployment issue !! Still we have millions of unemployed people ...

 

[Zulkarneyn]

How exactly goes 80% aboard, can you enlighten us?

Unemployment rate
Turkey: 10,5 percent
Sweden: 8,5 %
United States: 9,8 %
Germany: 6,7%
Spain: 20,5 %

You can get the whole list herehttp://en.wikipedia.org/wiki/List_of_countries_by_unemployment_rate

My point is, unemployment rate in Turkey is not drastic. Especially in this recession period.

 

[Jigs]

Turkiye grows really fast but it doesn't solve the unemployment issue !! Still we have millions of unemployed people ...

True. From recent news it also seems university grads are finding it difficult to get work aswell. Also we have been really dropping as far as press freedom and human development index.

 

[Killuminati]

How exactly goes 80% aboard, can you enlighten us?

Unemployment rate
Turkey: 10,5 percent
Sweden: 8,5 %
United States: 9,8 %
Germany: 6,7%
Spain: 20,5 %

You can get the whole list herehttp://en.wikipedia.org/wiki/List_of_countries_by_unemployment_rate

My point is, unemployment rate in Turkey is not drastic. Especially in this recession period.

Last 2 year more than 750 privatisations happend.

I little example. AKP sold Tekel Alcohol to a Turkish company (AKP yandasi) for 290 milion dollar and after 6 months that company sold it for 900 bilion dollar to an American Company.

Etc. Etc.. Even a important man in time of SP and AKP Abdullatif Sener was agains privatisations because of some reason and finally go out of AKP.

(About privatisation)
YouTube - Abdüllatif ?ener AK PART?'nin ?çyüzünü Anlat?yor 2.K?s?m - Oradayd?m Belgeseli

 

[black_magic pk]

why didnt kiluminati and dear TNT thanked the post, must be a dent in their agenda???

 

[Killuminati]

why didnt kiluminati and dear TNT thanked the post, must be a dent in their agenda???

Thank what?

 

[TrMhMt]

@Zulkarneyn

This rate is not believable !! coz if you didn't give your name to employment agency, you are not unemployed. And now laws had been changed. If you worked in last 3 months one time, you are not unemployed also.

in 2009 during economic crisis 2.6 million people lost their jobs. But government didn't add them as unemployed to the statistical data !!

 

[Cerian]

@Zulkarneyn

This rate is not believable !! coz if you didn't give your name to employment agency, you are not unemployed. And now laws had been changed. If you worked in last 3 months one time, you are not unemployed also.

in 2009 during economic crisis 3 million people lost their jobs. But government didn't add them as unemployed to the statistical data !!

I'm pretty sure it doesn't work like that. Also you use a statistic which was announced by Turkish Statistical Institute but continue with that they didn't add that number to overall unemployment data. It just doesn't make sense.

 

[Zulkarneyn]

AKP sold Tekel Alcohol to a Turkish company (AKP yandasi) for 290 milion dollar and after 6 months that company sold it for 900 bilion dollar to an American Company.

Wrong, AKP didnt sell them, the companies dont belong to the government. AKP started a privatization process which by the way immensely lifted the Turkish economy, and independent actors bought them. Due to the degree of corruption in those firms (State owned companies, where people who was supposedly "working", didn't even work). That is why, the government decided to go towards free enterprise. As in this form of economy, there is something called supply/demand, which helps competition. And competition ultimately benefits the country. We live in an international market, where foreign investors and corporations can buy and sell their products (including firms).

 

[TrMhMt]

I'm pretty sure it doesn't work like that. Also you use a statistic which was announced by Turkish Statistical Institute but continue with that they didn't add that number to overall unemployment data. It just doesn't make sense.

These numbers from news paper !!

10 milyon kişi etkilendi

İflaslar, geçici iş ilişkisinin sona erdirilmesi, işten çıkarmalar nedeniyle işini kaybedenlerin sayısının Aralık 2009 itibarıyla 2.6 milyon olduğu ifade edilen araştırmada, işsizliğin kişilerin aileleri de dikkate alındığında yaklaşık 10 milyon kişiyi etkilediği belirtildi.

 

[WAR-rior]

@Topic :

Nice leap by a historic country...... this place has been DA MOST IMPORTANT place in the world for millenias.....rite from days of TROY to Ottoman Turks.....

Who can deny the importance of Constantinople !

I wont be surprise when u say most of the gas flows from ur region.....

Anatolia has something in its geographic condition !