Turkish economy and especially foreign trade has begun to recover and continue to increase our share of world trade until the end of the year.
2017 is a year that global trade has begun to recover. Turkish economy and especially foreign trade has been positively affected by this recovery. In addition, the incentives and supports provided by Turkish Government in the fields of export, production, investment and employment have taken to its effects. We can see this in our newly announced second quarter growth rate.
After the 5% growth in the first quarter of the year, we grew by 5.1 percent in the second quarter. Moreover, the first quarter data was revised to 5.2%.
In the second quarter, Turkey has been the fourth most growing economy among the countries whose data was announced in Europe. We have grown much faster than major economies such as Germany, France, Italy and the UK. Stated in other words, we proved that we are one of the most successful economies in Europe. On the other hand, in the G-20, which accounts for 85 percent of the world economy, we achieved to take third place right after China and India.
The reason for our happiness here is the contribution of our exports, namely net foreign trade, to growth. Because, exports contributed 2.3 points to growth in the first quarter and 1.7 points in the second quarter. In other words, the half of the growth in the first quarter and the one third in the second quarter was due to net exports. Thus, our exports increasing for last 10 months according to TIM data, showed that exports has become the main engine of growth.
The most powerful contribution to this high-quality growth comes from investments with 2.8 points, which is a source of pleasure for Turkish economy. At this point, we can say that credit disbursements accelerated investment spending with the help of the Credit Guarantee Fund (KGF) since March.
Just as in the previous quarter, most financial institutions made upward revisions to their estimates regarding Turkey's growth. Goldman Sachs, Nomura, Morgan Stanley and J.P. Morgan have changed their growth forecasts for 2017 immediately.
We cannot deny the share of the steps taken by Turkish Government to stimulate the economy since the end of 2016. For instance, successful and continuous exporters can now receive special passports like government officials. Companies that want to open R&D and Design Centers are now receiving incentives from the Government. The state subsidies provided for exporters was increased three times. The structure of Turkish Eximbank has been changed in favor of exporters so that our companies can ease their financial difficulties. Likewise, in order to integrate our exporters into the e-commerce system, the Ministry of Economy started an incentive program, covering a large part of the membership fees for global e-commerce portals and so on.
We believe that as Turkish exporters by producing and exporting more, we will continue in this track, and reach higher numbers in the third quarter. Most economic indicators and the preliminary data, especially the industrial production index, support this expectation. In addition to these, exports will continue to contribute positively throughout the year.
As Turkish Exporters' Assembly, representing 67 thousand exporters who provide jobs for 3.1 million people, we would like to thank everyone who contributed to the positive decomposition of Turkey on the global scale by working hard, especially our exporters. We will continue to be present in every area for the purpose of exceeding the target set by the Medium Term Programme to reach $ 155 billion and increasing our share of world trade.