Booming Turkish economy boosts investment prospects
Officials in Turkey have revealed that the country’s economy is growing at an increased rate and predicted that this will continue in the next four years.
Finance minister Salaheddine Mezouar stated that the economy is likely to grow by 6.3% on an annual basis till 2012, reports Reuters. The government has implemented numerous economic reforms to bolster the country’s microeconomic balance and speed up its incorporation into the world marketplace. The government procedures are boosting per capita income, lower fiscal and current account deficits and are credited with subduing the country’s rate of inflation to a modest 2.2 percent.
According to government official figures, GDP went up by 6.6 per cent year-on-year between January and March 2008. This comes after growth of 3.4 per cent during the last quarter of 2007 and 4.5 per cent during 2007 as a whole.
Tourism sector contributing nearly $3 billion each year to the country’s GDP and it is said to be an important part of its future economic expansion, especially as it is helping to attract foreign investors to the country. The figure for the first quarter of 2008 has already outpaced earlier estimates of 6.8%.
The Turkish Statistical Institute revealed that international tourists spent almost £300 each on average, while the overall amount they spent increased by more than 11 per cent than the previous year. This should be good news for overseas property investors who depend on tourism to generate returns, such as investors of rental accommodations.
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