Gross Domestic Product has risen to 1.3 trillion. Per capita national income broke a record with an increase to 10,444 dollars.
While world economies continue to grapple with the crisis, in 2011 Turkey wrote a new story of success. While bringing criteria even lower than European nations with the public debt stock and balancing out the budget as well as providing employment in order to drop unemployment rates and despite the external and internal negative propaganda on the interest lobby, Turkey managed to see a growth of 8.5 percent in 2011. As a result, Turkey has now been situated in second place behind China as the fastest growing economy in the world. With Turkey's consecutive nine months growth performance, the nation's economy has become one to be revered throughout the world.
1.3 TRILLION ECONOMY
The growth in the economy was also reflected on the national income. According to figures released by the Turkish Statistics Institute (TÜİK), with a 17.8 percent increase, the Gross Domestic Product has increased to one trillion, 294 billion TL. The dollar equivalent of GDP is 772 billion, 298 million dollars.
In the fourth quarter of last year, the growth in the economy slowed slightly at 5.2 percent paralleled by the policies implemented by the government and the Central Bank. Private investments, exports and household consumption were all influential factors. The contribution of private investments to the economy's growth was 21.8 percent, with exports at 3.2 percent and household consumption at 2.4 percent. The state's consumption expenditures dropped by 0.6 percent.
Per capita national income broke a new record last year at 10,444 dollars. As a result, Turkey has resumed its position to prior the 2008 global crisis. The Turkish Statistical Institute has gone into a retroactive revision for the previous seven quarters. In 2011, the Turkish public spent 959 billion TL on ten main items such as food, shelter and health, while per capita spending reached 13,000 lira.
In 2011, not a single sector experienced shrinkage. The fastest growing sector was financial intermediation services at 13.4 percent. Wholesale and retail trade followed at 11.4 percent, with construction at 11.2 percent, transportation at 10.8 percent, 10.4 percent in subsidized taxes and 9.6 percent in financial intermediation, respectively. The manufacturing industry grew by 9.4 percent, followed by real estate rentals and business activities at 9.3 percent with the electric, and gas sector seeing growth of 8.8 percent. The smallest growth was observed in social communal and personal services at 1.7 percent.
A PERFORMANCE TO RIVAL THE WORLD
Russia 4.0 Mexico 4.0
South Korea 3.7
South Africa 3.2
Euro Zone 1.4