Turkey emerged from a crippling recession with strong 6.0-percent growth in the fourth quarter, official data showed on Wednesday, supporting analysts' forecasts of similar growth this year. The growth in gross domestic product (GDP) - which exceeded market expectations of 4.0 percent - broke a slump which had lasted for four quarters.
The surge at the end of the year helped to reduce contraction of the economy in 2009 to 4.7 percent, the Turkish statistics institute said. The government had projected a 6.0-percent contraction for 2009, and the International Monetary Fund (IMF) had estimated that the Turkish economy was likely to shrink by 6.5 percent in the whole of 2009.
The statistics institute also revised contraction rates for the first, second and third quarters from 14.7 to 14.5 percent, from 7.9 to 7.7 percent and from 3.3 to 2.9 percent. Economy Minister Ali Babacan said that the latest data was evidence that the economy was benefiting from sound government policies and forecast that growth this year would exceed the 3.5-percent target set in an economic programme for 2010-2012.
"Several international organisations, among them the European Commission, have said that Turkey will be one of the first countries in Europe to rapidly emerge from the crisis and acheive strong growth," the minister added. He forecast that the growth rate would slow down later in the year owing to weakening base effects, but said: "A growth rate in 5.0 to 5.5-percent range for full year 2010 looks plausible."
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