Turkish economy grows 4 percent in 2015

Turkish Statistical Institute reports Turkish GDP growth rate as 4 percent in 2015

Photo by: Reuters
Photo by: Reuters

A construction site.

The Turkish Statistical Institute, TurkStat, reported on Thursday Turkish economy grew by 4 percent in 2015.

The figure exceeded an analyst consensus estimate of 3.8 percent.

"With 4 percent growth rate, Turkey is among top four fastest growing members in the G20 group, comprising the world’s 20 major economies," Turkish Deputy Prime Minister Mehmet Simsek said on Thursday.

Analysts also saw the announcement as a big plus for Turkey. 

Turkey’s GDP growth rate was recorded at 5.7 percent in the last quarter of 2015, TurkStat added.

"Turkish economy showed an improved performance in the fourth quarter; GDP growth rate surpassed the market expectation of 5 percent and our expectation of 4.1 percent," ALB Securities analyst Enver Erkan said.

"With the strong momentum of leading indicators, such as industrial production and confidence indexes, a strong growth was an expected one," Erkan added.

The growth rate for the third quarter of 2015 has also been revised upwards from 3.8 percent to 3.9 percent.

"We closed 2015 with 4 percent growth. This is a very good growth rate. Also, a recovery observed in investments is another positive development," Finansinvest chief economist Burak Kanli said.

"We saw Turkish economy grew by 4 percent in line with the official targets," economist Bora Tamer Yilmaz at Ziraat Securities commented regarding the GDP growth. 

TRTWorld and agencies