Thoughts and Observations on Turkish Economy and financial markets. Turkiye Ekonomisi, Borsa, Dolar, Altin, Faiz, Teknik Analiz, Grafik, Hisse Senetleri...

Wednesday, September 10, 2008

Q2 Growth Rates

Turkish economy grew by a dismal 1.9% in Q2 of 2008. Q1 growth rate revised up to 6.7%, hence the GDP growth rate in the first half of 2008 was 4.2%.

This is the result of AK Party's idiotic actions as much as it is the result of global developments. They were the ones who were taking credit when the economy was growing at high rates, now they should own up to their failure. The picture will probably get better during the second half compared to Q2, and 2008 growth rate will be around 4%. This might be a good number for a developed economy but this is no panacea for Turkey's high unemployment problem.