Economy

Turkey economy picks up in second quarter

Turkey economy picks up in second quarter”

The data show that from April to June, Turkey's estimated gross domestic product (GDP) increased by 16.3 percent at current prices to 215 billion US dollars.

Gross domestic product grew by calendar-adjusted 6.5 percent annually, faster than the 4.9 percent expansion seen in the first quarter. A Reuters poll had forecast annual GDP growth of 5.3 per cent in the second quarter. The thriving industry attracted a large number of investors with mega government projects in the public-private partnerships.

Six-month GDP at current prices climbed to around 1.38 trillion Turkish liras (nearly $380 billion) while second-quarter GDP stood at 734 billion Turkish liras (some $205 billion), an official report revealed.

The U.S. dollar/Turkish lira exchange rate was 3.02 on average a year ago while one dollar was traded for 2.71 liras in 2015.

"Leading indicators regarding the third quarter show that strong economic growth is continuing and gaining momentum", Deputy Prime Minister Mehmet Simsek said in a written statement following the data. "That is the highest growth in the Organisation of Economic Co-operation and Development (OECD) countries", he said.

The global credit rating agency Moody's raised Turkey's 2017 growth forecast to 3.7 percent from 2.6 percent at the end of last month.



Like this

loading...
loading...

Latest


12 September 2017
Record-setting flooding in Jacksonville, Florida, rescues underway
Rick Scott's office said Monday. - More than 17,000 customers have already lost power in Savannah, Georgia. A flash flood emergency has been declared in Atlantic Beach, just outside of Jacksonville, Florida.

12 September 2017
LSU's Arden Key cleared to play for first time this season
The Tigers defense could certainly use his help after Key set the school's single-season record for sacks with 12 a year ago . He didn't participate in spring drills, taking a leave of absence from LSU for what the school cited as "personal reasons".

11 September 2017
Stevens Capital Management LP Buys New Stake in AbbVie Inc. (NYSE:ABBV)
It increased, as 90 investors sold AAPL shares while 975 reduced holdings. 1 funds opened positions while 4 raised stakes. The Connecticut-based Sky Investment Group Ltd Limited Liability Company has invested 0.39% in AbbVie Inc (NYSE:ABBV).

11 September 2017
Ernest Hemingway's granddaughter tries to save six-toed cats from Hurricane Irma
With its distinguished Spanish Colonial architecture, the house has been a popular tourist destination for years. The Farewell to Arms author's 1851 house has 45-centimetre-thick limestone walls.

11 September 2017
Volkswagen plans all-electric vehicle range by 2030
China, the world's biggest auto market, became the latest to signal such a move over the weekend, although it did not set a date. Volkswagen has announced it will offer at least one electrified variant of every model across all brands and markets by 2030.

11 September 2017
Mosaic Company (The) (MOS) Expected to Post Earnings of $0.25 Per Share
Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. The basic materials company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04.

11 September 2017
Boxer Adrien Broner Caught on Tape Clocking Dude and Shoving Woman
A female companion tried to calm him down, but Broner isn't having it and shoves her, sending her flying backward. It's unclear what provoked this random outburst for Broner but he was clearly enraged.

11 September 2017
A Tribe Called Quest Plays 'Last Show' Ever at UK's Bestival
During last night's show, Q-Tip told the crowd [via NME ], " A Tribe Called Quest , we suffered a blow". He added, "We'll probably do a world tour".

11 September 2017
Santander Consumer USA Holdings Inc. (SC) Stock Rating Upgraded by ValuEngine
The investment professionals in our partner's database now hold: 112.78 million shares, down from 114.54 million shares in 2016Q3. The stock of Santander Consumer USA Holdings Inc (NYSE:SC) earned "Buy" rating by Jefferies on Wednesday, June 7.

11 September 2017
Norway's election a close contest over national values
Stoere, who cast his ballot on Sunday in Oslo, expressed confidence that his party could rally voters to clinch the election. Norway's system of proportional representation gives a boost to parties that win more than 4 percent of the national vote.