Erdogan vows 'lower than EU average' inflation for Turkey

Turkey's PM said, 2010 inflation rate was below government's year-end target and he vowed to bring it down to all-time low, even lower than EU average.

Erdogan vows 'lower than EU average' inflation for Turkey

Turkey's prime minister said Tuesday 2010 inflation rate was below government's year-end target and he vowed to bring it down to all-time low, even lower than EU average.

Turkish statistical authority, TurkStat, announced one day earlier that inflation rate was 6.4 percent in 2010, the lowest rate over the last 41 years. Inflation turned out lower than market expectations or projections of the government which was 7.5 percent in medium-term program. Inflation rate was 6.5 percent in 2009.

Prime Minister Erdogan said his government achieved a single-digit inflation rate once again.

"We will not stop. We will bring it to a lower level, lower than EU average," Erdogan told a meeting of his Justice & Development (AK) Party.

Erdogan was optimistic also on exports. He said Turkish exports increased 11.3 percent and reached 113.6 billion USD at the end of 2010, nearly 2 billion USD higher than government's target.

"Our target for end-2011 is an export size of 127 billion USD. Of course, we will not stop. We will hit 500 billion USD by 2023, the 100th anniversary of the Republic of Turkey," Erdogan said.

Erdogan also gave some details about export figures, saying Turkish exports to several countries, such as Iran, Iraq, Argentina, Tanzania and Paraguay, hit record highs last
year.

"In 2002, EU's share in total exports from Turkey was 56.5 percent. Now it fell to 46.3 percent. It means our dependency on Europe has dropped significantly and become diversified. Africa's share was 4.7 in 2002 but it reached 8.2 percent in 2010. Near and Middle East countries' share rose to 20.3 percent from 9.6 percent in 2002," he added.


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Last Mod: 04 Ocak 2011, 16:10
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