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Turkish Economy to Grow above 5% by the End of the Year

Written by: Bridgewest

Turkish-economy-to-grow-above-5-by-the-end-of-the-yearAfter the strong economic growth reported by the Turkish Statistics Office (TUIK) at the beginning of September, several financial institutions have revised their forecast for the rest of the year. The Turkish economy registered a good performance during the second quarter of the year which has determined these institutions to provide an annual economic growth of more than 5%. Our lawyers in Turkey can assist foreign investors interested in starting a business here.

The Turkish economy rose by 5.1% on a year-to-year basis

The Statistics Office reported the highest economic increase of this year to have been registered during the second quarter of the year. The economy rose by 5.1% compared to the same statistics for the same period of last year. After the most recent number, one of the largest Japanese financial companies estimated a 5.5% economic increase for Turkey’s economy, 1.3% higher than the previous predictions.

According to the Japanese company, investments, especially in the construction sector, and exports were the main contributors to this economic expansion. Exports rose by 10.5% on a year-to-year basis adding most of the value to the economy, compared to imports which only registered a 2.5% increase.

If you want to set up a company in the trading or construction industry, our law firm in Turkey can guide you through the business registration procedure.

US financial firms confirm the increase of the Turkish economy

The forecast issued by the Japanese firm is confirmed by two of the largest financial services institutions in the US which have also rose their predictions for the Turkish economy. While, Morgan Stanley increased the expansion rate to 4.3% from the previous 3.3%, the US J.P. Morgan Bank revised its predictions from 4.6% to a 5.3% growth.

The same exports were reported by the two institutions to have contributed to the significant growth registered in the second quarter of 2017. Apart from these, private consumption also participated to the economy.

For 2018, the US firms announced a “moderate” economic growth of the Turkish economy.

If you want to open a company in Turkey and need information on the specific requirements for an industry, do not hesitate to contact us.