Turkey's minister sees Q3 growth rate below expectations

Turkey's state minister for foreign trade said on Friday that the growth rate in Q3 was below expectations of himself and ministers responsible for economy.

Turkey's minister sees Q3 growth rate below expectations

Turkey's state minister for foreign trade said on Friday that the growth rate in Q3 was below expectations of himself and ministers responsible for economy.

Zafer Caglayan said economy bureaucrats forecast the Q3 growth rate around 6.5-7 percent.

"However it was 5.5 percent, and our year-end growth rate will be 6.5 percent even though the Q4 growth figure comes out zero," Caglayan said during a meeting in Ankara.

Turkish statistical authority, TurkStat, announced earlier on Friday that Turkey grew 5.5 percent year-on-year in Q3 of 2010, and the Gross Domestic Product was calculated as
298.89 billion TL ($197.113 billion) in current prices, marking a 13.6% year-on-year rise.

Turkish economy grew at 8.9 percent year-on-year in the three quarters (Q1+Q2+Q3) of 2010, as the GDP in the mean term reached 808.192 billion TL ($531.979 billion).

Caglayan defined the 8.9 percent growth in the first three quarters of 2010 as significant.

"We will grow 7.3 percent even if we grow only 3 percent in Q4. Our year-end growth target in the medium term economic program is only 6.8 percent," Caglayan said.

Caglayan voiced his year-end growth projection around 7.5 percent as the leading indicators of growth figure was export figures, industrial production index and capacity utilization rate.


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Last Mod: 10 Aralık 2010, 14:47
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