Union of Chambers and Commodity Exchanges of Turkey

“According to data announced today, Turkey grew by 5.2% during the fourth quarter of 2011, achieving 8.5% growth throughout 2011. It should be noted that Turkey did this while European economies were lapsing into crisis and there was significant political upheaval in the Middle East.

With this performance, Turkey’s economy has ranked as the second fastest growing country, following China. In terms of growth the Turkish private sector’s contribution is great. The contribution of private consumption and investment spending to the economy was measured at 9.5%. Public spending and investments contributed 4%.

Another good turn is that the adverse effects of foreign trade on growth are decreasing. While during the first 9 months of 2011, foreign trade prevented growth by 3.1%, according to the data announced today the adverse effect of foreign trade on growth throughout 2011 backed down to 1.4%. Taking into account the extraordinary amount of imports conducted in the 1st quarter of 2011, we estimate that foreign trade will provide a contribution to growth in 2012.

With an astounding growth performance of 8.5%, the Turkish private sector continued to provide employment and livelihood. In 2011, the number employed in the private sector increased by 1.3 million. This brought unemployment numbers below what they were pre-crisis.

Our expectation from 2012 is growth over 4%. Turkey’s economy and the Turkish private sector has the dynamism to achieve this.”
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