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Financial sector spurs Turkish economic growth

Europe’s rising demand for Turkish exports is considered a positive sign for Turkey's economic forecast.
Renault cars produced in Turkey and awaiting export throughout Europe, are lined-up in front of ship containers in the port of Koper October 14, 2013. Automotive industry association ACEA said October 16, 2013, that new car registrations in Europe climbed 5.5 percent to 1.19 million vehicles in September, only the third month a gain was recorded in the past two years. But within the European Union, the level of demand was the second lowest on record for the month of September since it began tabulating resul
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Turkey’s economy grew a surprising 4.3% in the first quarter of the year, beating the projections of the International Monetary Fund and the World Bank — 2.3% and 2.4%, respectively — and outpacing European Union countries, whose economies grew an average of 0.3%.

Prime Minister Recep Tayyip Erdogan was in a triumphant mood after the rate was announced last week. “At a time when many economies shrink or grow only minimally, Turkey’s growth rate in the first quarter has shown the whole world that its economy is an outstanding one,” Erdogan said. “When calculated retroactively on the basis of the first-quarter growth rate, our 12-month national income has reached 1.614 trillion Turkish lira. We have achieved a new record in Republican history in terms of Turkish lira.”

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