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Turkish economy picks up pace


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Turkish economy picks up pace

Turkey’s economy expanded more than expected in the second quarter of this year.

GDP grew 4.4 percent, thanks to strong domestic demand with vigorous consumer spending. The forecast had been for 3.5 percent.

However the government said growth for all of this year would be slightly below its official target of 4.0 percent.

And the way the economy is expanding continues to worry economists and policymakers.

Imports grew almost 12 percent compared to a 1.2 percent rise in exports and huge fuel imports mean Turkey is very exposed to swings in global money flows and oil prices.

The country of 75 million which straddles Asia and Europe is struggling along with other major emerging economies with the financial effects of the prospective withdrawal of US monetary stimulus.

GDP expanded 2.1 percent from the previous quarter when adjusted for seasonal and calendar effects, the Turkish Statistics Institute said. First-quarter growth was revised to 2.9 percent from an initial 3.0 percent.

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