Good news this week is that Turkey’s economy is continuing to flourish, increasing by 4.4 per cent during the second quarter of 2013, its 15th consecutive quarter of growth.
These encouraging statistics came from the Turkish Statistical Institute (TurkStat), which has forecast 3.7 per cent growth for the first half of the year. The 4.4 per cent growth rate for Q2 exceeds expectations and makes the country the highest performing economy in Europe and the third fastest grower in the world.
Turkey’s Minister of Economy, Zafer Caglayan, said that the 4.4 per cent was admirably positive given the status of the world economy. “Despite the regional uncertainties, Turkey has been growing at an annual average rate of 5.3 per cent in the last decade. Our second quarter performance indicates that annual growth rate will be slightly below 4 per cent.”
Earlier this month, Turkey’s official investment agency said it expected Foreign direct investment (FDI) inflow to Turkey is to reach $110 billion over the next six years. Turkey attracted USD 12.4 billion of FDI in 2012. The country is the 24th most popular investment destination in the world, according to the United Nations’ ‘World Investment Report 2013’ report.
Meanwhile, property prices in Turkey increased more than any other European country between Q2 2012 and Q2 2013, namely by 12.2 per cent, according to the latest Knight Frank Global House Price Index. Focusing on the first half of 2013 only, prices in Turkey have increased at a higher rate than some countries ranked above it in the index for annual increases, namely Hong Kong and China. Turkey was sixth in the index, compared to the UK which was ranked 33.