Oct. 12 (Bloomberg) -- Turkey experienced an “explosion” in domestic demand this year and an extraordinary increase in investment, Finance Minister Mehmet Simsek said.
Economic growth would have been 15.6 percent in the first half if net exports were excluded, Simsek said in a speech in Istanbul today. The economy is now slowing and the current account deficit, which reached unsustainable proportions, will narrow, Simsek said.
The current account gap has peaked at 9.5 percent of gross domestic product and will decline to below that level by the end of the year, Simsek said. The deficit is expected to fall further in 2012, he said.
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