Turk Minister: 'High inflation due to soaring imported item prices '

Commenting on Turkey's budget performance, Unakitan said Turkey was better then many EU countries in this.

Turk Minister: 'High inflation due to soaring imported item prices '
Turkey's Finance Minister Kemal Unakitan said the global financial crisis had forced them to revise their projections and pull down their growth expectations.

"Turkey will grow 4 percent in 2008 and 4,5 percent in the following years. But growth rates of 7, 8 and 9 percent will not be seen in Turkey for a few years," said Unakitan.

Unakitan said soaring oil and food prices had grave effects on underdeveloped countries.

He said, "developing countries like us who import oil and certain foods are at the same time importing inflation from abroad. The 70 percent of the inflation in Turkey is due to (imported) fuel oil and foods."

Also commenting on Turkey's budget performance, Unakitan said Turkey was better then many EU countries in this.

"Budget deficit (in Turkey) was very high in the past. For this year, as performance I foresee a budget deficit of 2 percent. According to data at hand, there will be budgetary surplus in May. This is a exceptionally good, better then our budget deficit expectations," said Unakitan.

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Güncelleme Tarihi: 06 Haziran 2008, 17:32
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