Turkey: the world’s fastest growing economy

Turkey notched up astounding 11% growth in the first 3 months of this year making it the fastest growing economy in the world. Turkey impressively surpassed the rapid growth of China by 1.1%; a significant margin in economic growth terms. Turkey now stands in a strong position predicted to surpass its 2008, pre-crisis GDP levels by the end of the year becoming one of the first major world economies to do so.

The fastest growing sectors were wholesale trade, tourism, energy, transportation, communication and most notably, construction, which grew by over 14% to keep up with real-estate demand in the country.

Timothy Ash, the chief economist at the Royal Bank of Scotland commented on Turkey’s growth strong growth in 2010 leading up to these most recent figures.

“Real GDP grew by 9.2 percent year on year in the fourth quarter, and by 8.9 percent for the full year in 2010,”

Source: SelectProperty.com