Turkey’s economic growth soars in Q1

| June 30, 2010 | 0 Comments

The Turkish Statistics Institute (TurkStat) has today revealed the Turkish economy expanded at a rate of 11.7% in the first quarter of 2010 on an annual basis.

The figures indicate a strong recovery from a profound recession, which hit the wider global economy.

Turkey’s economy emerged from recession in the final quarter of 2009, experiencing growth of 6% - much higher than expected. The economy contracted for four straight quarters prior to that.

The economy shrank by 4.7% throughout the whole of 2009 compared with the year before.

Meanwhile, today’s figures were in line with market forecasts and represents the second consecutive quarter of growth.

On a monthly basis, however, the economy grew by 0.1% compared with the previous quarter.

The Turkish economy experienced seven years of continuous growth between 2002 and 2008.

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