Turkey’s economy grew by 8.5% during the year 2011, announced today the Turkish Statistical Institute (TurkStat), a figure that sits just behind China, the largest economy expanding.
The report, available on the official website of TurkStat, details the growth of the last quarter of 2011 was 5.2%, while gross domestic product (GDP) per head is $ 10,444.
And continues high growth curve of Turkey, which in recent years has established itself as the second largest economy in growth rates, always behind China.
Estimates of the United Nations Development Programme (UNDP) put the growth rate of China during 2011 by 8.9%, although exceptionally, the number 1 would be, according to this table, Turkmenistan, a Central Asian republic whose economy depends heavily of its gas exports and reached 10%.
The same table estimates the growth of Turkey in a modest 4.6%, calculation now denied by the official figure.
With a GDP higher than the 730,000 million in 2010, Turkey is now the seventeenth largest economy in the world, according to the International Monetary Fund (IMF).
Turkey’s rapid growth is accompanied by inflation that is beginning to worry some economists, given that in 2011 stood at 10.4% in the consumer price index and 13.3% in producer prices, as TurkStat figures.
After decades of high inflation with crippling effects on the economy, Turkey has managed to lower the rate to 6.4% in 2010, the lowest figure in 40 years, but this year has again exceeded double digits.
Despite the good results of past years, the IMF report for 2011, published in January, contains a serious warning to the Eurasian country, considering that the growth during 2012 will remain at 2%, by the lack of expected arrival of foreign capital.
Category: Mutual Funds