EXPORT-LED RECORD GROWTH

Mehmet Büyükekşi, the Chairman of Turkish Exporters' Assembly, commented on 2017 Q3 GDP data.

Stating that this growth rate will place Turkey at the top in OECD and G20, Büyükekşi said that “Q3 growth was above our expectations as well as financial institutions'. 2017 has been a breakthrough year not just for exports but for the whole economy. The Government, exporters and industrialists have all played important roles in this achievement.”

The Chairman also added;

“2017 Q3 GDP growth is the highest since 2011 Q3, and 6th highest since 2000. We surpassed global economy's leaders in terms of growth rate, China and India, with this figure. 3.6 points of the 11.1% growth rate was from investments. The upward trend in investments point to a continuous growth in 2017 Q4 and 2018. In other words, investment incentives of the Ministry of Economy has been effective. In addition to the growth, investments will also boost exports.

Exports' contribution to the growth was 3.5 percent, which is the highest in last 5 years and 4th highest of the last 15 years. We can say that 1/3 of the Q3 growth was due to exports. Last year we declared 2017 as the “Breakthrough Year in Exports” and we fulfilled our promise.

On the other hand, net exports' contribution was 0.3 points. In the first 9 months of the year, net exports contributed positively to the growth. However, we need to be more careful about the imports, especially about the final product imports.

With this data, it is clear that we will see a GDP growth around 7% for the year 2017, and continue marching towards our 2023 targets.”

Published on Monday, December 11, 2017
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