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The economy of Turkey increased onto 3.2% in the first quarter of the year. The stabilization in the state economy was determined by slight recession.

06.08.2012

The economy of Turkey increased onto 3.2% in the first quarter of the year. In the state economy, continuously growing during last 10 quarters, the deceleration in the apparent demand development and the increase of external demand parameters have stabilized the situation in the economical development of Turkey. But still the slight recession can be observed. As it was expected, by the end of the year the parameters in economical development increased onto 4%.
The economy of Turkey, continuously growing during last 10 quarters, has increased onto 3.2% in the first quarter of 2012. It was expected first that the economy growth in Turkey will stop at the point of 2.8% onto which the growth of external demand influenced greatly. Comparing with figures for the same period of the previous year (11.9% in 2011) and with figures for the previous quarter (5.2%) we can observe the continuation of the slight recession in the economy of Turkey. The deceleration in the apparent demand gives us the evidence of which role in the process of Turkish economy stabilization does it play. The parameters in economical development, according to the medium-term program, consolidated at the figure of 4%.
According to data which were officially released yesterday by the Institute of Statistics of Turkey, the GDP, calculated by the method of production, during last 3 months of 2012 increased onto 14.2% comparing with the same period of the previous year. Now the GDP stops at the position of 329 billion 20 million TRL. At fixed prices the parameters stopped at the point of 3.2%, which is 27 billion 89 million TRL respectively. On the other hand, the level of GDP at fixed prices with no calendar effect in the first quarter of the present year increased onto 2.3% comparing with the same period of the previous year. The level of GDP without the seasonal and calendar effects increased onto 0.2% comparing with the previous period.
The strongest growth was recorded in the energy sector.
During the first quarter of 2012 in Turkish economy the strongest growth was observed in the energy sector which includes the production, distribution of electricity, gas, steam and hot water sections. Parameters of energy sector development increased onto 8.4% during the first quarter of the year and stopped at the position of 519 billion 152 million TRL at current prices. In the first quarter of the previous year, the economical growth was observed in sectors of metallurgy and mining industry (parameters of the development increased onto 10.8% in 2011). During the same period of the present year this sector of Turkish economy is the only where parameters reduced onto 0.6%. Among the most rapidly growing sectors (in a line with the energy sector) are Real Estate and Commercial Activity sections (7%), household economics (6.1%) and fishing industry (4.8%).

EXPORT DEVELOPMENT.
In the quarter of the present year the process of balancing between apparent and net external demand is continuing to be observed. Rates of apparent demand development are slowing down, while rates of external demand developing continue to increase. The apparent demand during the same period of the previous year has increased onto 0.9%. Net external demand, in its turn, increased onto 4.5%. The slowdown of growth rates in external demand and import and the increase of parameters in export give reasons to expect the improvement in the trade deficit.

ON THE WAY TO STRONG AND ‘HEALTHY’ ECONOMY.
Minister of Finances, Mehmet Şimşek, determining 3.2% of increase as very nice numbers and rates in the present global conditions, said: "There is a question of growth, the source of which is net exports." Minister Şimşek explained that these figures are projected, as well as the growth in economical development points onto the fact, that Turkey has chosen the proper way to strong and ‘healthy’ economy.

THE ECONOMY WILL CONTINUE TO DEVELOP AND BECOME STRONGER!

Minister for Science, Industry and Technologies, Nihat Ergun, stated: “The observed during the first quarter of the present year economical slowdown will be eliminated starting from the second half of 2012 due to our actions and due to stabilization in the world economics. We are also expecting the increase of economical rates”. Minister Ergun, pointing to the economic growth forecasts, also said: "We opted for a more modest growth in the economy in the present year, as rapid growth entails many risks".

THE STABILIZATION OF APPARENT AND EXTERNAL DEMAND.
The Prime minister’s Assistant, Ali Babacan, has mentioned that he sees the correlation between data and economic forecasts by parameters of growth, development and stabilization in current processes in accordance with medium-term program for the period 2012-2014. Mr. Babacan, pointing out onto the obvious continuation of the process of stabilization in apparent and net external demand in the first quarter of the present year, has also mentioned the fact that final apparent demand has increased onto 0.9% comparing with rates and parameters of the same period of the previous year; the net external demand in the first quarter of 2012 increased onto 4.5%.

THE INCREASE OF DEMAND PARAMETERS IS OBSERVED.
The Minister of Economy, Zafer Calayan, has declared that he sees the obvious positive impact of export onto economical growth and stabilization in Turkey. He also mentioned that “the net export rates in Turkey increased onto 4.5%. In the second quarter of the present year positive increase of export rates will also be chalked up”. Mr. Calayan has also said that “In the economical growth in Turkey export plays a role of the co-called locomotive as Turkish export level continue to increase stably during last 28 months. In modern conditions of world globalization processes the growth of export rates onto 10% is a very important moment”.

CHAMBER OF INDUSTRY OF ISTANBUL: “Comparing with the situation in the world economy, our economy’s growth is successful”.
The Head of Chamber of Industry of Istanbul, Tanil Kucuk, said: “Taking into account the economical situation in the world and especially in Europe such growth is a very important and successful outcome for Turkish economy”. Mr. Kucuk has also noted that: "In the first quarter of 2012 the industrial output manufacture grew up onto 1.8%, while the increase in the value-added sector was made onto 2.7%. This is more than just a simply predicted growth. Thus, our manufacturers have shown the effectiveness of productivity growth. The additional attention should be paid onto some other data: in the first quarter of the previous year the current GDP deficit amounted 11.8%, while for the same period of the present year the deficit reduced onto 8.9%, which is an obvious plus".



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