TISK sees Turkey's growth around 8-10 pc in Q1

The Turkish employer confederation forecast on Tuesday growth in the first quarter of 2010 around 8-10 percent.

TISK sees Turkey's growth around 8-10 pc in Q1

The Turkish employer confederation forecast on Tuesday growth in the first quarter of 2010 around 8-10 percent.

The Turkish Confederation of Employers' Unions (TISK) released its monthly economic bulletin for April in which it estimated the Q1 growth around 8-10 percent.

"Preliminary figures indicate that growth finance will be through current deficit again, and therefore, we think that our economy may face risks regarding pre-crisis current deficit," the bulletin said.

Turkey's economy shrank 4.7 percent, and goods and services in Turkey was down 124.5 billion USD in 2009.

In its bulletin, TISK said the effect of the crisis was more severe because the shrinkage in industries creating employment was more than 4.7 percent.

Significant production loss in industry and construction caused rise in unemployment, TISK said.

"The crisis has raised hidden unemployment in agriculture industry," the confederation said.

In its bulletin, TISK said the number of unemployed young people reached 25.9 percent.

"Capacity utilization rate in industry should particularly be increased to reduce unemployment figure," the confederation said.

TISK said imports that had been on the rise in parallel to economic growth had harmed the current accounts balance.

The current (accounts) deficit was 5.5 billion USD in the first two months of 2010, the confederation said.

The figure was only 801 million USD in the same period of 2009.

In the bulletin, TISK said Turkey started to draw foreign capital again in 2010, and announced net capital inflow around 3.1 billion USD in the first two months of 2010.

TISK also forecast that the producer prices index (PPI) would tend to rise in coming days.

Founded in 1961, the confederation was centered in Istanbul until mid-1960 but moved its headquarters to Ankara in 1965.

At present, TISK has 23 members.



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Last Mod: 04 Mayıs 2010, 13:57
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