The Turkish government on Sunday dramatically revised upward its gross-domestic-product growth expectations Monday, 11 October 2010
The Turkish government on Sunday dramatically revised upward its gross-domestic-product growth expectations to 6.8% for this year and 4.5% for 2011, underscoring the economy’s rapid recovery from the financial crisis.
But Ankara, outlining its midterm economic plan, also more than doubled its estimate for this year’s current-account deficit, a persistent weak spot for the economy in times of domestic demand-fueled growth.
The market widely expected the upward growth revision, from 3.5% for 2010 and 4% for 2011. Turkey’s economy has rebounded rapidly from a near-5% contraction last year, expanding 11.7% in the first quarter and 10.3% in the second quarter—tying with China for the fastest growth in the Group of 20 leading nations.