Home / Knowledge / News / Textiles / Turkey's GDP grows 5.7% in 2015 Q4
Turkey's GDP grows 5.7% in 2015 Q4
05
Apr '16
Turkey's Gross Domestic Product surpassed expectations to grow 5.7 per cent in the fourth quarter of 2015 compared with the same period in 2014, Turkish Statistical Institute (TurkStat) has said.

The figure exceeded analyst consensus estimates of 3.8 per cent.

GDP in the fourth quarter of 2015 rose to 34.8 billion Turkish liras ($12.25 billion), which was up 5.7 per cent year-on-year, TurkStat said.

The Q4 performance pushed the overall annual GDP growth to 4 per cent, with cumulative GDP reaching 131.3 billion Turkish liras in constant prices ($46.2 billion), it added.

"With 4 per cent growth rate, Turkey is among top four fastest growing members in the G20 group, comprising the world's 20 major economies," Mehmet Simsek, Turkish Deputy Prime Minister in charge of the economy, said.

Analysts hailed the Q4 growth figure as a big plus for Turkey. 

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

He pointed out that the strongest contribution was from government expenditures, which grew by 6.7 per cent.

"Also, personal consumption showed 4.5 per cent growth rate. We expect a weaker performance, according to leading indicators of the first three months of 2016. But, we can expect a stronger performance again, with the help of stronger global recovery," he said.

"We closed 2015 with 4 per cent 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 believe domestic consumption shouldered growth in a year in which geopolitical tension surged and two elections were held,” economist Bora Tamer Yilmaz at Ziraat Securities told Anadolu Agency.

Halk Investment's economist Banu Kivci Tokali said positive signals from industrial production also reflected in the growth data.

"The fourth quarter of last year became the period in which economic activity came to the fore. Private and public sector consumption as well as public investments were base elements in growth,” Tokali said. (SH)

 

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: European Commission/European Union

Textiles | On 26th May 2018

EU set to negotiate FTAs with Australia & New Zealand

The European Union is all set to begin negotiations for free trade...

US bans import of cotton goods from Turkmenistan

Textiles | On 26th May 2018

US bans import of cotton goods from Turkmenistan

The US Customs and Border Protection (CBP) has issued a Withhold...

FPCCI prepares report on Pakistan's export issues

Textiles | On 26th May 2018

FPCCI prepares report on Pakistan's export issues

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search