Turkish economy grows official 3.2 pct in first quarter

AFP, Monday 2 Jul 2012

Still-solid figures on the economy show a predicted slowdown after 2011's spectacular expansion

The Turkish economy grew by 3.2 per cent in the first quarter, marking an expected slowdown after spectacular expansion in the previous year, official data revealed on Monday.

Output expanded by 3.2 per cent in the first three months of 2012, pointing to a halving of the growth rate, data from the Turkish Statistics Institute (TUIK) showed.
Turkey, a country of about 73 million people and the world's 17th-biggest economy, expanded by 8.5 per cent in 2011, and 8.9 per cent in 2010.
But its expansion had already started slowing down by the last quarter of 2011, with a growth rate of 5.2 per cent.
For 2012, the government expects to turn in around 4.0-per cent annual growth, hoping to achieve a soft landing due to the effects of the eurozone crisis.
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