Turkey’s GDP & GNP register record increase
2004 first quarter growth data announced by the State Institute of Statistics (DIE) indicate a 10.1% growth in GDP (Gross Domestic Product) and 12.4% in GNP (Gross National Product). These figures are better than the market expectations of 8% for GDP and 8.3% for GNP. In the same period of last year, GNP and GDP grew by 7.4% and 8.1% respectively. The revival in domestic demand and investments is the key factor of high growth rates like the annual increase in private consumption and investment expenditures. A 10.3% increase and 16.3% rise was recorded in industry and trade sectors respectively due to strong domestic demand, increase in investments and export growth. Agricultural sector shrank 7.5% because of adverse weather conditions. The effect of the revival in domestic demand and investments are seen distinctively in private final consumption expenditures. In the first quarter, private final consumption expenditures surged by 10.6%. Additionally, the private sector investment soared by 61% in the mentioned period. Both the trade figures and the capacity utilization in the machinery equipment are indicating a robust investment growth in the private sector. According to all these affirmative results, GDP and GNP are expected to increase in the coming months as well.