Turkey central bank expects 4 per cent growth next year

AFP, Tuesday 25 Dec 2012

Turkey will rank among the world's fastest-growing economies according to its central bank governor

The Turkish economy is expected to post growth of at least 4 per cent in 2013, according to a projection by the central bank on Tuesday.

"We expect a growth of 4 per cent or above in 2013," Central Bank governor Erdem Basci told reporters in Ankara.

The Turkish economy recorded spectacular expansion in 2010 and 2011, with 8.9 and 8.5 per cent growth, to rank among the world's fastest-growing economies.

But its expansion started slowing down in late 2011, with a growth rate of 5.2 per cent -- which was painted as a healthy easing of business activity.

The Turkish economy posted markedly slower growth of 1.6 per cent in the third quarter of 2012 from the same period a year earlier, official statistics revealed early this month.

The third quarter official result pulled down nine-month growth in Turkish gross domestic product to 2.6 per cent, which was well below the official forecast of 3.2 per cent.

Government forecasts expect 4 per cent yearly growth in 2013 and 5 per cent each in 2014 and 2015.

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