Turkey’s economic growth slows

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Recent data has shown that Turkey’s economy is experiencing sluggish growth, despite the fact that it increased by a figure of 8.5% last year.

Financial experts had made a comparison between the country’s rapid growth and that of the burgeoning economy of China. However, it seems that Turkey’s economy is now rebalancing, moving from domestic to external demand.

The final quarter of last year saw growth levels increase by 5.2% in comparison to 2010, but were still well short of the 8.4% achieved in the previous quarter of 2011. The overall growth figure of 8.5% in 2011 was also just shy of the 9% figure for 2010.

The country currently has a current account deficit of 10% and experts have been debating whether the slow in economic growth will serve to reduce this figure and the country’s reliance on foreign capital.

While exports have fallen by 5.1% exports have leaped up by 6.7%. The growth in economy in the last 3 months of 2011 was also boosted by rise of 7% in the following industries: construction, agriculture, health and transport sectors.

Predictions for 2012 economic growth in Turkey have varied widely from the conservative estimate of 2% from analysts such as Ozgur Altug at BGC Partners in Istanbul to the more optimistic 5% plus figure from the country’s government.

The Turkish government has announced its bid to climb from 16th to 10th place in a ranking of the world’s biggest economies by next year. It also hopes to raise per capita income from roughly 18,614 Turkish lira to 44,555 Turkish lira by 2013.

Transfer money to Turkey

If you are looking to invest in Turkey, think carefully about how you will be transferring money to Turkey. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money from the UK to Turkey, to invest in property or for any other reason, be sure to compare the market before you buy your overseas currency.

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