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Turkey: Economic Growth to Be Possibly Influenced in Q3 | ASHARQ AL-AWSAT English Archive 2005 -2017
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(L-R) Turkey’s Deputy Prime Minister Mehmet Simsek, Turkey’s EU Affairs Minister Volkan Bozkir, Luxembourg’s Foreign Minister Jean Asselborn and Turkey’s Foreign Minister Mevlut Cavusoglu pose at the start of a European Union-Turkey accession conference in Brussels, Belgium, December 14, 2015. REUTERS/Francois Lenoir

Ankara- Turkey’s Deputy Prime Minister Mehmet Simsek said that the failed coup in July will negatively affect the economic growth in the third quarter (Q3) of 2016.

Simsek noted that the Turkish government is in a quest to carry out structural reforms and reinforce confidence in the economy to achieve bigger growth. He stressed that Turkey enjoys enormous growth potentials and averages regardless of the challenges occurring in the region.

Turkish economy achieved a 3.1% growth during the second quarter (Q2) of 2016 and 3.9% during the first quarter (Q1) of the same year.

Simsek stated on Wednesday that the economic growth average in Turkey is very good compared with the weak growth of international economy and the decline in foreign trade. He assured that the Turkish economy performance is alright.

According to an announcement by the Turkish Statistical Institute, Turkey’s Gross Domestic Product (GDP) grew by 3.1% and reached 33.61 billion Turkish liras (USD11 billion) in the second quarter (Q2) of 2016.

Turkey’s Finance Minister Naci Ağbal commented on the figures that Turkey became one of the fastest growing economies in G20, OECD and EU countries, adding that the Turkish economy continues to grow for 27 quarters.

Ağbal continued that as long as Turkey is maintaining current growth averages, it will gradually move from being a developing country into a developed one.

In a related matter, the Minister of Environment and Energy of Greece Panos Skourletis, expressed full support to the construction of Turkish Stream pipeline supplying Russian gas to Europe.

As Ankara-Moscow political relation got back on track, commercial dealing between both countries enhanced as well. On top of these dealings are the efforts exerted to implement Turkish Stream pipeline.