Turkish economy posts prediction breaking performance

Despite predictions of gloom for the Turkish economy, economic growth in Turkey outstripped predictions by a large margin.


GDP, which is the statistic used to measure growth in an economy, grew an overall 3% in 2016, disappointing Turkish economists. 


Further gloom was predicted for the first quarter of 2017 - yet the economy grew a barnstorming 5% in the first three months, according to the Turkish Statistical institute, TurkSat. This has left economists scratching their heads.
Exports stormed ahead also, growing 10.6% in the first quarter of 2017.


Turkish Deputy prime minister, Mehmet Simsek, said, "2.8% of economic growth was fuelled by domestic demand, showing the internal strength of our economy". Simsek further added second quarter growth is expected to surprise economists even further. Export demand is increasing apace, closing Turkey's trade gap.


Foreign investment in Turkey was up 11.2% as well, according to the Turkish Foreign minister, Mevlut Cavusoglu.
A total of 1.2 Billion US dollars of investments were made in the first half of the year, with the majority coming from German, UK, and Dutch capital. Just over 40% of foreign investment came from EU member states.