ECONOMY, TURKEY, WORLD

2011 09 12

Turkish economy grows 8.8% in Q2

Turkey grew 8.8 percent in the second quarter of 2011 compared with the same period of the last year, the Turkish Statistics Institute (TurkStat), announced on Monday.

According to the TurkStat figures, Turkish economy became the second fastest growing economy in the world after China, which recorded a growth of 9.5 percent.

Growth projections were around 7-7.5 percent for the second quarter.

Data released by the TurkStat show that Turkey’s Gross Domestic Product (GDP) in current prices was up 19.2 percent to 318.4 billion liras ($176.8 billion) year-on-year in the April-June period of 2011 while GDP in constant prices grew 8.8 percent to 27.9 billion TL ($15.5 billion).

In the first quarter of 2011, Turkey grew 11 percent, outpacing even China to become the world’s fastest growing economy.

With these figures, Turkey has become the fastest growing economy in Europe ahead of Estonia, which expanded 8.4 percent in the second quarter.

 

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DO YOU KNOW?

  • Safranbolu Houses

    Safranbolu Houses, featured in the UNESCO World Cultural Heritage List, are being restored by the Housing Development Administration of Turkey. 

  • Government Takes Care of Traffic Accident Victims

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58 million

The number of people using credit cards in Turkey in 2015

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    Turkey increased agricultural investments in the past 10 years from 1.8 billion TL to 9 billion TL.  

  • Double-lane roads save 1525 lives

    The number of people who were killed in traffic accidents dropped to 4,041 in 2010 from 5,566 in 2000 thanks to 13,500 more kilometers of double-lane roads, which saved 1,525 lives a year on average. 

  • Record Growth in Technology Sector

    The Turkish technology sector grew 19.4% in 2010, closing the year with 17.5 billion TL revenue. 

  • World Leader in Transit Passengers

    Carrying 18 million passengers in the Asia-Europe transit corridor in 2010, Turkey saw the highest increase in transit passenger numbers in the world. 

  • Every student has Internet Access

    Every school in Turkey now has ADSL internet connection.  

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    The ratio of Turkey’s public debt to national income has dropped to 28.2 percent from 61.4 percent 10 years ago.  

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    The Scientific and Technological Research Council of Turkey now offers 3. 250 TL monthly scholarship to returning academics who complete their Ph.Ds abroad. 

  • 5000 more licensed tourist guides

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  • From Electricity Importer to Exporter

    Turkey increased electricity production from 31 thousand to 45 thousand megawatts in ten years and started selling electricity to Georgia, Syria and Greece.