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Turkish economy pushes forward despite Euro slow down

Turkish economy pushes forward despite Euro slow down

Turkish economy pushed forward despite Euro slowdownThe Turkish economy grew by 3.2 percent in the first quarter of 2012, marking yet again the steady growth the country has been able to demonstrate in the face of its struggling European neighbours.

The statistics, released by the Turkish Statistical Institute, beat expert forecasts for the countries’ annual growth. It is the 10th consecutive quarter in which the economy has been seen to push ahead.

Turkey’s economy has grown at a spectacular rate in recent years, with growth rates of 9.2 per cent in 2010 and 8.5 per cent in 2011. These lower recent figures however, have put paid to concerns of Turkey heading for a bubble economy, and are in keeping with Government plans to slow down growth so as to balance external and domestic demand – making for a steadier market.

Commenting on the figures, Turkish Finance Minister Mehmet Simsek, said: 3.2 percent is a pretty good rate when you think about the financial crisis the European Union, our biggest trade partner, is caught up in.

The economy is forecast to grow by 4 per cent in 2012.

Turkey’s current economic picture provides yet more satisfying info for home hunters and investors seeking sound sunshine locations in which to safely purchase.

Suleyman Akbay, MD of Oceanwide Properties, a firm specialising in Turkish estates, says:  ‘Today’s buyers are wisely favouring stability above potential returns – but Turkey is hugely exciting in that it is able to demonstrate that in can offer both.’

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