Turkey is now the fastest growing economy of all G20 countries’, posting an impressive growth rate of 11.1% in the 3rd quarter of the year. The only country to post a double digit growth rate, Turkey easily outpaced the countries in 2nd and 3rd spots, namely China and India, with growth rates of 6.8% and 6.3% respectively.
This growth well exceeded the consensus (among economists) estimates of 9.2% and means that the Turkish economy has grown at a faster rate than at any other time in almost the last 7 years (11.4% posted in Q1 2011).
This ‘staggering’ growth was a result of increased domestic demand for goods, accelerated support for investment and a very strong export sector. London based economist Timothy Ash was quoted as saying “Turkey - with a staggering 11.1% in Q3 – has got Ministers talking about full-year growth of over 7% and the various government investment stimulation programs have been felt in full force.”
Growth was evident across all main sectors in the 3rd quarter – the agricultural sector expanded by 2.8%, the manufacturing industry by 14.8%, the construction sector by 18.7 % and the services sector by 20.7%.
Exports grew by 17.2% compared with the same quarter last year.