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Friday 29th of March 2024, 11:31 CET |
Turkish economy grows 4.7 % |
September 10, 2002
Turkey News
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Posted by HW on March 29, 2024
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Turkey's economy grew by 4.7% in the first six months of 2002 compared with a year earlier as the crisis-hit country made headway with an IMF-backed recovery programme to battle one of its worst recession in years, official figures show. In the second quarter of the year alone, the growth rate of gross national product reached 8.8% compared with the same period last year, according to preliminary figures released by the state statistics institute.
GNP grew 0.3% in the first quarter after a 9.4 contraction last year.
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Turkish economy officials believe that the country can beat its target of three percent growth for 2002 despite recent political turmoil which has led to a decision to hold early general elections on 8 November.
Under its three-year economic drive backed by a $16-billion loan from the International Monetary Fund, Turkey aims to reduce chronic inflation, currently around 40%, to 35% by year-end |
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