Turkey becomes fastest-growing economy among G20 nations

[Mingle]

Turkey becomes fastest-growing economy among G20 nations with 11.1 pct growth rate in third quarter of 2017

Turkey became the fastest-growing economy among G20 countries after clocking in with 11.1 percent growth in the third quarter of 2017, the Turkish Statistical Institute (TurkStat) reported on Monday.

Monday’s report makes the country's growth the fastest among the world’s 20 largest economies and marks the third consecutive quarter where annual expansion topped 5 percent. China came in second with 6.8 percent and India was third with 6.3 percent among all G20 countries.



The figure easily exceeded analysts’ consensus estimates of 9.2 percent, the fastest quarter growth rate since 11.4 percent in the first quarter of 2011.

Turkey’s economy grew 5.2 percent in the first quarter of this year and 5.1 percent in the second quarter, according to TurkStat.

Turkish officials previously said the country would achieve annual economic growth of 6 to 7 percent by the end of the year.

Performance in the third quarter pushed up cumulative GDP, reaching 827.2 billion Turkish liras ($216 billion) in current prices, with GDP annualized at $844 billion, TurkStat added.

The growth was triggered by domestic demand, including accelerated investment support by the government and strong contributions from exports.

'Staggering growth'

“Turkey -- with staggering 11.3 percent year-on-year real GDP growth in Q3 -- got ministers talking about full-year growth of over 7 percent. Various government stimulus programs felt in full force,” London-based economist Timothy Ash said.

Growth was driven by all main sectors in the third quarter, with the agricultural sector expanding by 2.8 percent, the manufacturing industry by 14.8 percent, the construction sector by 18.7 percent, and the services sector by 20.7 percent, TurkStat added.

Exports grew 17.2 percent while imports of goods and services rose 14.5 percent in the third quarter of 2017 compared with the same quarter of the previous year.

Capital formation, including investments, came out strong for both consumption and machinery, up 12.4 percent and 15.3 percent, respectively.

Other components also grew, with domestic demand up by 11.7 percent and government consumption up 2.8 percent.

The Turkish lira strengthened after the report was published on Monday. It was trading 0.11 percent higher at 3.8310 per dollar at 11:00 a.m. in Istanbul.

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http://aa.com.tr/en/economy/turkish-...in-g20/1000833

[Böri]

Well the reliability of the data is questioned by opposition parties as they said they doubt. I hope it's true though. I dont know how they calculate it tbh. Gov't must be transparent with the calculation of the data so that opposition keeps silent.

[DarkSecret]

Enemies of Turkey and the traitors inside are jealous.

[Albobalboa]

Greeks right now

[Gold-Shekel]

Erdogan is a ruthless leader, doesn't spend time talking for nothing and giving "more rights" to people who already have them, that's why the country is going forward. All European countries are stalling because of their lack of initiative and priority in gay, animal and pedophile rights.

[Böri]

Erdogan is a ruthless leader, doesn't spend time talking for nothing.

If he was ruthless he would be done in 3 months in Syria and would have been a hero. He waited for Obama and Obama did nothing. Now 7 years on and 4 million Syrians in Turkey. Telling in the other thread you don't want Syrians in your Balkan countries then coming and writing this here is contradictory. Hypocrisy.

[Vlatko Vukovic]

It's not good for any non-Arab country to accept immigrants.

[Herr Abubu]

It just goes to show how strong, authoritarian leaders and a strong state are necessary for the national growth of non-Western countries of postmodernity who didn't have the benefit of vast colonial empires, usurious, exploitative financial centers and a great advantage in industry and technology.

China, Russia, South Korea, Singapore, Turkey, etc., are all models of how the authoritarian model works, and it works far better than the neoliberal model, whose only achievement has been to open economically disadvantaged country to financial exploitation from the West.

Opportunities for the economic growth of Turkey will become even greater now because of Turkey's excellent geographic position and their integration into the new Eurasian economic order, by the way. I hope Albanians will start looking more towards Turkey and less towards the West.

[Bosniensis]

It just goes to show how strong, authoritarian leaders and a strong state are necessary for the national growth of non-Western countries of postmodernity who didn't have the benefit of vast colonial empires, usurious, exploitative financial centers and a great advantage in industry and technology.

China, Russia, South Korea, Singapore, Turkey, etc., are all models of how the authoritarian model works, and it works far better than the neoliberal model, whose only achievement has been to open economically disadvantaged country to financial exploitation from the West.

Opportunities for the economic growth of Turkey will become even greater now because of Turkey's excellent geographic position and their integration into the new Eurasian economic order, by the way. I hope Albanians will start looking more towards Turkey and less towards the West.

When you have a strong leader like Trump, Putin, Erdogan.. criminals are afraid to act and therefore economy goes up.

[Böri]

It just goes to show how strong, authoritarian leaders and a strong state are necessary for the national growth of non-Western countries of postmodernity who didn't have the benefit of vast colonial empires, usurious, exploitative financial centers and a great advantage in industry and technology.

China, Russia, South Korea, Singapore, Turkey, etc., are all models of how the authoritarian model works, and it works far better than the neoliberal model, whose only achievement has been to open economically disadvantaged country to financial exploitation from the West.

the net minimum wage in Turkey is like 320 euros. Just for your information.
Since Turkish Lira is constantly losing value against Euro and Dollar, there has been dramatic drop in people's purchase power over last 5 years. So the international (dollar-euro) counterpart of people's salary and savings in Turkey is constantly shrinking and shrinking.
The alleged growth rate doesnt really reflects on the average people's pockets. I mean workers still live in same conditions.

Turkey is a country where the gap between the rich and poor is one of the most dramatically high in the world and this gap keeps widening. People are asked to stick to religion not to think about those issues. They say don't question, you pray and when you will die, you will go to heaven.
The capitalism and liberal market model in Turkey isn't like in Nordic welfare countries, it's more like in the chaotic capitalistic model as described by Marx and Engels.