Growth shows dynamism and potential of Turkish economy

  • Having been 4% in 2015 and 5,7% in the last quarter of 2015, growth data shows how high Turkey's potential is even the most pessimistic global environment.
  • Net export made a positive contribution in growth by 1,3% as we expected and stated before.
  • We are expecting our government to follow policies that will ensure net export to make positive contribution in growth constantly.
  • We will grow with a higher speed than expectations of institutions such as IMF and World Bank in 2016.

Turkish Exporters Assembly President Mehmet Büyükekşi talked about growth data declared by TUIK as such:

Growth expectations for Turkey both in homeland and abroad were lower than the numbers we see today in the first months of 2015. For each quarter, the data that were declared embarrassed pessimists.

4% annual growth rate that we see today and 5,7% growth rate of the last quarter smoothly revealed dynamism and potential of Turkish economy. Our economy attained a growth speed better than many countries even in an environment where we are surrounded by problematic countries and global economy is still week.

As exporters, we believe potential of our country and bright future of our economy.

Another reason for us to be satisfied with growth data is that our economy grew in the last quarter with the contribution of net export; the fact that contribution of net export in growth in the last quarter is 1,3%. In our statements in last weeks, we told we were expecting the growth to take place with positive contribution of net export. There is a worthwhile decline in our foreign trade deficit but reel increase in especially commodity export was determinant in positive contribution. While there was 2,1% of reel increase in export of goods and service, we observed a 2,6% reel decrease in import of goods and service. If it were not for the decline in tourism revenues in the last months, we would be able to see a higher net export contribution.

We want net export to provide positive contribution in growth constantly. Our expectation from our government is their taking steps that will ensure continuity of this contribution. In the last update in middle term program, there were numbers aimed at positive contribution of net export for each year in 2016-2018 period. Similarly, 25 primary transformation programs that were declared serve for this aim. We are expecting firm and concrete steps from our government for both.

Sound preparations were made; plans were established clearly and numbers aimed at targets were explicitly set. Now it is time to practice. Global conjuncture gives us a little more time for re-structuring in Turkish economy. We should take good advantage of this time and take action.

If developments in internal and external environment of Turkey took place in another country, that country's economy might have taken serious damage. However, Turkey has a solid immune system. We have a powerful and prudent structure. We have proactive and restless exporters. We have an ecosystem that increases the amount of goods it sells and the number of countries it exports to even in the most difficult period. We are not telling that we are hopeful; there is no need to state the obvious. We know we will display a good performance. If we can receive a response to our recommendations of change that we offered to our Government for support to our export, we will be able to show even a better performance.

Published on Thursday, August 25, 2016
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