Turkish Economy Grew by 5.2% in the Second Quarter
Istanbul Chamber of Commerce President Avdagiç: "Turkey's 5.2% growth in the second quarter of 2018 is a meaningful response to those writing scenarios about our economy."
Istanbul Chamber of Commerce (İTO) President Şekib Avdagiç assessed Turkey's economic growth of 5.2% in the second quarter of 2018. Avdagiç stated: "Turkey's 5.2% growth in the second quarter of 2018 is a meaningful response to those writing scenarios about our economy. Although the second three months of the year fell before the 24 June elections, during this period it shows that economic necessities were applied rather than populist approaches toward the elections. The latest figures once again demonstrate that as a nation and as all economic actors, we have become skilled at fending off economic attacks through great solidarity," he said. Avdagiç noted that the second quarter growth provided clues about our new roadmap, stating: "The net contribution of exports to foreign trade is remarkable. At a time when domestic demand has cooled, exports are the insurance for our growth." Şekib Avdagiç also noted that the 5.2% growth was particularly important in that it showed production dynamics working during a period from April to June when cost pressures increased. Avdagiç said: "Industrial and investment growth appears to have supported the economy. Once exchange rate stability is achieved, this contribution will be much greater." İTO President Avdagiç said the following: "Turkey's next objective is to keep our growth on a healthy path, and for that we need to change the composition of growth. The second quarter growth also gives us a clear message on this. Our motto is production, exports and domestic savings. The latest growth data also points to areas we need to focus on. For example, agriculture's slide into negative territory in terms of added value should be closely monitored. In order to preserve fiscal discipline, we should aim to supplement public spending contributions from more productive sources. To overcome current exchange rate-related difficulties, we must incorporate a manufacturing-based transformation story into our growth narrative."Advertisement
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