On April 2, the Turkish Statistical Institute (TUIK) announced that Turkey's gross domestic product (GDP) in the fourth quarter of last year grew by 14.9 percent to TRY 339.75 billion ($190.8 billion) in current prices and by 5.2 percent in constant prices to TRY 29.5 billion ($16.57 billion), both compared to the same period of the previous year.
Meanwhile, in the fourth quarter of 2011 Turkey's seasonal and calendar adjusted GDP increased by 0.6 percent compared to the previous quarter.
In the whole of 2011, Turkey's GDP indicated a 17.8 percent increase to TRY 1.29 trillion ($727 billion) in current prices and an 8.5 percent increase to TRY 114.87 billion ($64.5 billion) in constant prices. In 2011, China was the top country for GDP growth in the world with a 9.2 percent increase, followed by Turkey.
Turkey's finance minister Mehmet Simsek on commented the Turkish economic growth rate, stating, "The slight decrease in economic growth continues steadily in line with our purposes." Simsek also added that the country's GDP is expected to grow by four percent year on year in the current year.