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Turkey’s economic growth fizzles

Turkey’s economic growth slowed to 2.1% in the second quarter, well below expectations, forcing the government to review its year-end target of 4%.
Turkey's Economy Minister Nihat Zeybekci speaks during an interview with Reuters in Ankara August 11, 2014. Turkey's government will maintain its calls for lower interest rates following Prime Minister Tayyip Erdogan's victory in the country's first direct presidential election, the economy minister said on Monday. Zeybekci told Reuters in an interview that the central bank's core mandate for price stability should be expanded to include employment and growth, although he added this would not be a top prior
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Turkey’s second-quarter growth rate came as a big disappointment to Ankara, hushing boastful ministers who had bragged of outperforming European economies. When gross domestic product (GDP) was reported to have grown 4.7% in the first quarter, Economy Minister Nihat Zeybekci declared on television, “We’ve grown faster than 33 European countries. Any slowdown in the coming quarters is out of the question.”

Only three months after Zeybekci's June 10 statement, the rate fell to 2.1%, less than half of the 4.7% that Zeybekci proclaimed as unshakable. This new data, announced last week, left not only the minister embarrassed, but Ankara’s year-end target of 4% out of reach.

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