Turkish economy grows 11.7 percent in a stunning upturn

The Turkish Statistics Institute (TurkStat) released its quarterly growth rates on Wednesday, revealing that the economy continued to grow for the second straight quarter. The growth rate was in double-digits, in line with market expectations. Accordingly, Turkey's gross domestic product (GDP) amounted to TL 23.35 billion at constant prices in the first three months of the year, 11.7 percent higher than a year earlier, when the economy contracted by 14.5 percent. At current prices the year-on-year growth in the GDP was 16 percent, to reach a total GDP TL 243.26 billion. When calendar-adjusted, the Turkish economy expanded by 11.8 percent in the January-March period of the year from one year earlier and grew by 0.1 percent compared to the previous quarter.

After a continuous contraction for four quarters in row, the economy rebounded at the end of 2009, growing by a higher-than-anticipated rate of 6 percent. Turkey's gross domestic product (GDP) slumped by 4.7 percent in 2009 over a year before, well below the 6 percent year-end projections in the medium-term economic program. This was the first time Turkey saw a contraction in its economy following seven years of continuous growth between 2002 and 2008.