Turkish Economic Growth Loses Steam In Q2

Sep 10, 2007 - The Turkish gross national product or GNP rose 3.9% year-on-year in constant prices to total 38.9 million New Turkish Liras in the second quarter, the statistical agency reported Monday. The annual GNP growth rate sharply slowed from a revised 6.8% logged in the first quarter. Initially, the GNP growth for the first quarter was estimated at 6.7%.

In current prices, the GNP increased 10.5% year-on-year to 148.1 billion New Turkish Liras in the second quarter. In US dollar terms, the GNP enhanced 19.4% to US$110.3 billion.

The gross domestic product or GDP grew at a pace of 3.9% yearly to reach 39.1 million New Turkish Liras in the second quarter at constant prices, much slower than a revised 6.9% acceleration seen in the first quarter. Earlier, the first quarter GDP growth was recorded as 6.8%.

The second quarter growth rate of GDP came to 10.6% in current prices. The GDP was 148 billion New Turkish Liras in current prices. In US dollar terms, the gross domestic product increased19.5% to US$110.189 billion.

At constant prices, private consumption expenditure declined 0.3% in the second quarter, after logging a solid 2.0% rise in the previous quarter.

Gross fixed capital formation gained steam, rising 10%, accelerating from the 3% climb seen in the prior quarter.

Exports moved up 12.7%, slightly slower than the 14.7% pace witnessed in the first quarter. Imports increased 8.4%, marking a stronger growth than the 4.3% gain in the prior quarter.