Bloomberg News

Turkish Economy May Beat 4% Growth Target in 2012, Minister Says

December 14, 2011

Dec. 14 (Bloomberg) -- Turkey may beat the 4 percent economic-growth target set out by the government for next year as its current-account deficit ceases to be a risk, Industry Minister Nihat Ergun said.

The government will identify areas that are contributing to Turkey’s 12-month cumulative trade deficit of $78.6 billion, or about 10 percent of gross domestic product, and create investment incentives to plug the gap, Ergun told reporters in televised remarks from a conference in Istanbul today.

Turkey’s 8.2 percent economic growth in the third quarter, the world’s fastest behind China, is a “good” development, he said. Exports are growing faster than imports and helping the world’s 17th-largest economy reduce its trade gap, Ergun said.

“This shows that certain steps we took about the current- account deficit problem are becoming effective and we’re seeing the results,” he said. “I believe 2012 will be a very good year for Turkey, and the rising trend will continue.”

The International Monetary Fund said on Dec. 7 that GDP expansion in Turkey will “slow sharply” to 2 percent due to weaker capital inflows.

--Editors: Jennifer M. Freedman, Digby Lidstone

To contact the reporter on this story: Emre Peker in Ankara at epeker2@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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