Major Contribution of Net Exports to GDP Growth

İsmail Gülle, Chairman of TIM, made a statement regarding to the growth rate of the second quarter of 2018. He said that net exports contributed 1 point to the growth rate and continued:

“Turkish economy grew by 5.2% in the second quarter of this year compared to the same quarter last year. Thanks to the increase in private investments and the acceleration in the tourism sector, as it was expected, net exports contributed by 1 point to the growth. The share of exports in quarterly GDP was 22.5 percent.”

 

We Surpassed the Big Players in Europe

“With the growth rate of 5.2 percent, Turkey become the fastest growing economy among the European countries once again, while the OECD average is 2,5. Also, this quarter we surpassed major European economies like Germany, France, Italy and England. The Eurozone and the EU grew by only 2.2 percent in the same period.”

Gülle, stressed that Turkey continued disintegration from the world economy, in a positive way, as it did in last year and continued his words as following:

“Among G7 countries, which are the largest advanced economies, our growth rate is the highest.

“Moreover, Turkey displayed a performance above the average on its own league. Among the emerging markets, Brazil grew 0.1%, Mexico 1.6% and Australia grew 3.4 in the second quarter of 2018.

“International rating agencies has been skeptical about the growth forecast for Turkey in the last period. However, the investments grew 3,9%. Within the scope of the announced data, I think that we will witness a positive progression and our increasing export trend will continue to its contribution to the growth rates. At the end of the year, our export figures will reach more than $ 170 billion and we will break another record.”

 

Export Figures in Goods and Services Keep on Growing

Despite the growing trade tensions in 2018, Gülle stated that Turkey's exports of goods and services are on the rise continue to grow and added:

“Exports of goods and services increased by 4.5 percent in the second quarter of 2018. Focusing export oriented growth strategy we are striving for faster growth of Turkey.”

“In order to increase our exports, reduce foreign trade deficit and current deficit, we continue to develop our export strategy on value-added production, innovation based studies, design and R&D. We also aim to increase our potential in export of services. With the new model in economy, we will see the results of our export strategy in the middle of 2019. With the support given by our government our aim is to be an economy with a surplus in current account.

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