European commission praises Turkish economy

In a report evaluating the economies of candidate and potentially candidate countries, the European Commission praised Turkish economy for its budget performance, rising export rate, decreasing unemployment rate and a strong growth. The Commission said in its report that sound economic recovery in Turkey has continued with 8.2 percent in the third quarter of 2011. Furthermore, the index of consumer morale in Turkey rose by 1.1 percent to reach a reading of 92, whereas it remains on the level of 80 in France, 70.7 in Spain and 53 in Britain, noted the report. The report said that Turkey has increased its competitive power in product and services export due to loss in value in Turkish lira. According to report, the rise in Turkey's export is higher than the rise in its import for the first time in the last seven quarters and the unemployment rate in Turkey has decreased to 9.2 percent as of August 2011.