While Europe is rattled by the economic crisis, Turkey’s consecutive growth performance over the past eight quarters, has proven Prime Minister Erdoğan’s words that the economic crisis will not even 'slightly touch’ Turkey, to be correct. With 8.2 percent growth in the third quarter, the economy has officially surpassed 1.2 trillion. National revenue per person is at 11,000 dollars.
These days, while some of the grandest global economies have been forced to throw in the towel one by one, all while Europe nears the level of disintegration, Turkey's economic growth performance is quite enviable. Turkey's economic growth of 8.2 percent in the last quarter has made the nation's economy the second fastest growing in the world, following China.
With 9.6 percent growth in the first nine months of the year, we are world champions, proving Prime Minister Erdoğan's assurance we would not even be 'touched slightly' by the crisis to be true.
According to data from the Turkish Statistics Institute (TÜİK), in the third quarter of 2011, the Gross Domestic Product increased by 8.2 percent, compared to the year prior. The contribution of private consumption to the economy was 4.7 percent, while household private consumption was at 3.1 percent.
Growth was observed in all sectors of Turkey's economy. The most significantly growing sector involved activities by financial intermediary establishments (15.8%), construction (10.6%), transportation, stockpiling and communication (9.7% growth), while wholesale and retail commerce increased by 9.6%.
GROWTH FOR EIGHT QUARTERS
Turkey's economy has shown consecutive growth over the past eight quarters. After showing a drop for three quarters in 2009, Turkey recovered in the final quarter and has continued to display growth in every quarter since. In the first quarter, the economy grew by 12 percent and in the second quarter by 8.8 percent.
Per person national revenue reaches 11,000 dollars
As of September, over the past year Gross Domestic Product has reached one trillion, 255 billion dollars. In terms of dollars, the GDP figure is at 784.3 billion dollars. Accordingly, the current national revenue per person is at 17.021 TL, which equates to 10,761 dollars. Comparing this past year, with the period prior, starting from the fourth quarter of 2009 up until the third quarter of 2010, then per person national revenue has increased by 2,636 TL or 1,239 dollars. The Turkish Statistics Institute based calculations on the 2010 population figure released by the Address Based Population Registration System, which was 73,722,988.
How much growth was seen in each sector? Sector...................................................3rd quarter......9 months
Agriculture.......................................... 4.5...........5.3
Industry .......................................... 8.4............ 10
Manufacturing Industry........................... 8.9.........10.4
Services.......................................... 9.8......... 10.4
Construction....................................... 10.6.........12.7
Wholesale and retail trade ……………........ 9.6......... 13.6
Transportation and communications.......... 9.7.........11.6
Financial intermediary activities............ 15.8......... 13.1
Property ownership ......................... 1.4...........1.8
Education........................................... 7.8........... 5.5
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