Turkey's growth signals complete recovery from crisis

Following 11.7 percent growth in the previous three months, Turkey's economy grew by 10.3 percent at fixed prices in the second quarter of this year, a development which placed Turkey among the fastest growing economies in the world, and has led analysts to state that this, combined with a steady reduction in the country's unemployment rate, is a sign of Turkey's complete recovery from the impact of the global financial crisis. The Turkish Statistics Institute (TurkStat) announced its quarterly gross domestic product (GDP) data on Monday which showed that Turkey's GDP grew by 10.3 percent at fixed prices in the April-June period this year and outperformed the previously forecast increase of 8.5 percent. With two back-to-back quarters of double digit growth this year, the Turkish economy expanded by 11 percent over the first half of 2010. According to the latest TurkStat figures, Turkey's second quarter growth made it the world's third fastest growing economy for the April-June period – behind Singapore and Taiwan.