In the fourth quarter, GDP soared 9.2% over the same quarter last year. The figure represented a marked acceleration compared to the 5.2% expansion recorded in Q3 (previously reported: +5.5% year-on-year) and overshot market expectations, which had anticipated a less pronounced 7.4% rise. The improvement in the final quarter of 2010 reflected a surge in investment, which skyrocketed 42.1% over the same period last year (Q3: +30.0% yoy), boosting domestic demand growth to 14.7% (Q3: +9.6% yoy). Private consumption followed suit, accelerating from the 6.5% annual rise tallied in the previous quarter to 9.0% in the fourth. Moreover, domestic demand was fanned by a rebound in government consumption, which expanded 3.2% over Q4 2009 (Q3: -0.9% yoy). Meanwhile, the net contribution from the external side of the economy remained negative, as imports continued to outpace exports. Exports of goods and services swung from a 1.6% drop in Q3 to a 4.3% expansion in Q4. Imports, on the other hand, remained resilient, adding 25.4% (Q3: +16.2% yoy). As a result, the net contribution from the external sector to overall growth deteriorated from minus 4.3 percentage points in the third quarter to minus 5.3 percentage points in the fourth. A quarter-on-quarter analysis corroborates the notion of an accelerating economy, as GDP jumped 3.6% over the previous quarter in seasonally and calendar-day adjusted terms. The result, which tripled the 1.2% expansion tallied in Q3, contributed for the stellar growth of 8.9% in the full year 2010 ? the fastest pace since 2004. After having successfully recovered from the 4.8% contraction recorded in 2009, the government expects economic growth to moderate to 5.0% in 2011.
Surging investment pushes Q4 growth above expectations
March 31, 2011
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Turkey Economic News
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.
October 3, 2016
In September, consumer prices increased 0.18% over the previous month.
September 26, 2016
The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.