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The Turkish Statistical Institute (TUIK) has disclosed a 4.8% growth of the Turkish economy in the first three months of 2016, making Turkey the fastest growing economy of Europe.
Turkey was followed by 4.2% growth in Romania and Sweden. Turkey’s 4.8% growth, which is contrary to pessimistic forecasts, pleased the government but also enflamed the debate about its sources. Prime Minister Binali Yildirim and Deputy Prime Minister Mehmet Simsek have been gleefully saying that those who were warning of an economic crisis were proven wrong.
With the goal for growth in 2016 set at 4.5%, the government is happy to boast that the goal has already been exceeded, although it is below the 5.7% growth of the last quarter of 2015.
Ender Yorgancilar, the chairman of the Aegean Region Chamber of Industry, said the source of the growth is private and public expenditures and that private-sector investments had no part in it. He noted that Turkey has to create at least 1 million jobs every year.
