With an expected growth rate of 7.5%, Turkey will rank second in the world economic growth rates for the third quarter (Q3) of 2017.
Attending his party's sixth ordinary district congress on Saturday, Economy Minister Nihat Zeybekci said that Turkey's goal of becoming one of the top 10 economies in the world (and one of the top three economies in Europe) before 2023 will surely be achieved.
The Minister also pointed out that the latest economic growth report from the International Monetary Fund (IMF) shows that Turkey was listed as the 13th fastest growing economy in the world for the year to date.
Zeybekci went on to state that this (somewhat unexpected) growth far exceeds those estimates previously forecast by various credit ratings agency, which were fairly modest at between 2% - 3.1%.
He further added that much of this growth has been the result of a massive upswing in exports, with revenues expected to be higher than in any other previous year.
According to the Chairman of Turkish Exporters Assembly (TIM), Mehmet Büyükekşi, Turkey's exports in July were $11.5 billion, an increase of 31.2% compared to the same month last year. Export revenues for the first 7 months of the year were $89 billion, a year on year increase of 10.7%, whilst revenues for the last 12 months showed an increase of 7.5%.
According to the Turkish Statistical Institute (TURKSTAT), the 31.1% increase in July was the highest single month increase since August 2011 – in other words, the highest increase in the last 6 years and the second highest of the last 8 years.
The best performing export sector in July was automotive, with an increase of 41.1% compared to the same month last year. This was followed by the clothing and chemical materials sectors.