On March 31, the Turkish Statistical Institute (TUIK) announced that Turkey's gross domestic product (GDP) in 2010 grew by 8.9 percent to TRY 105.68 billion ($68.38 billion) in constant prices and by 16 percent in current prices to TRY 1.11 trillion ($718.24 billion). This is the fastest growth rate recorded since 2004. In 2009, the Turkish economy had contracted by 4.7 percent.
Meanwhile, in the fourth quarter of 2010 Turkey's GDP indicated a 9.2 percent increase to TRY 28.06 billion ($18.16 billion) in constant prices and a 17.3 percent increase to TRY 298.29 billion ($193.01 billion) in current prices, both compared to the same quarter of the previous year. With these quarterly results, Turkey registered the highest growth rate among European economies.