Turkish Economy Growth in 2016 Exceeded Expectations

Turkey’s gross domestic product (GDP) registered a higher-than-expected 2.9 percent in 2016, while annual per capita income was $ 10,807, according to data from the Turkish Statistical Institute (Turkstat) on Friday.

Despite Turkey’s continued conflict with various terrorist groups, the failed coup attempt on July 15, 2016, domestic political tensions and strained relations with the West, Turkish economy outperforms many developing countries, or developed in the world, with an average Growth of 2.9 percent, while GDP growth rate of 3.5 percent during the last quarter of last year 2016.

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The annual growth rate was much higher than the average forecast by the Finance Office of the Turkey Anatolia Agency, which predicted an increase of 2.3% in GDP for 2016 compared to the previous year.

According to the report issued by the Turkish Statistical Institute, Turkey’s GDP stood at TRY 2.59 trillion (about USD 856.8 billion) in 2016, compared to TRY 2.34 trillion (about USD 861.5 billion) in the previous year.

In a statement issued by ” Mehmet Şimşek,” Deputy Prime Minister on Friday expected that the recovery in the Turkish economy will continue throughout the year 2017.

The uncertainty will decline after the April 17 referendum, and investments will begin to gain momentum, Shimshik said.

In a written statement, Turkish Finance Minister Naji Iqbal said that despite the failed coup attempt on July 15 last year, the downturn in tourism, terrorist attacks and fluctuations in global markets last year, Turkey’s growth, which exceeded expectations, This is evidence that the foundations of the Turkish economy are still solid.

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