Turkish economy picks up

Mehmet Simsek Turkey's deputy prime minister responsible for economic affairs says the country's economy is growing and even outperforming that of the EU

Turkey's economy expanded at the fastest pace in two years in the second quarter, the Turkish Statistical Institute showed Monday.

The firm added that the 10.5 percent year-over-year growth in net exports strongly contributed to the economic growth, which was significantly higher than 2.5 percent of growth in imports.

First quarter growth was revised up to 5.2 per cent from an initially reported 5 per cent, while 2016 growth was revised up to 3.2 per cent from an initial 2.9 per cent.

Borsa Istanbul's Gold Exchange index fell 1.43 percent, while the price of gold per kilogram decreased to 146,100 Turkish liras (some $42,870) as of 4.30 p.m. local time (1330GMT) on Monday, down from 148,300 Turkish liras (around $43,405) at Friday's close.

The government is pencilling in overall economic growth of 4.4 percent for the whole of 2017 and Prime Minister Binali Yildirim said at the weekend that the target would likely be exceeded.

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The growth rate in the first quarter of 2017 was revised up from 5 percent to 5.2 percent.

"This was better than our forecast of 4.8 percent".

Turkish Finance Minister Naci Agbal predicted that the growth rate in the third quarter would accelerate with tourism revenue growth, higher exports and base effect. What does it mean?

The company pointed out strong lending growth, and said the biggest contributions to economic activity came from private consumption, exports and capital expenditure. Exports and imports climbed 10.5 percent and 8.3 percent, respectively. The share of net operating surplus/mixed income was 47.8 percent while it was 45.5 percent in the same quarter of the previous year.

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