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Turkish growth triggers overheating fears

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Turkish growth triggers overheating fears

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Turkey’s economy soared by 11 percent in the first quarter of 2011 from the same period last year, leading to worries that it is overheating and the boom could turn to bust.

Growth was much stronger than the 9.65 percent predicted by economists.

It is being fueled by record low interest rates and a big increase in loans.

Another worrying aspect is that imports are racing ahead of exports.

The economy grew 9.2 percent in the last quarter of 2010, and 8.9 percent during the whole year, which was higher than the government had forecast.