Turkish Economy Grows by 3.9% in Second Quarter

GDP is up 6.8%

The Turkish Statistics Institute reported that Turkey's economy grew by 3%.

Turkey's GNP increased by 6.7% in the first quarter of the year and by 5% in the first six months, the institute said. This figure includes the output of millions of Turkish workers abroad. In 2006, Turkey achieved 6% growth in GNP for the whole year.

The institute said that gross domestic product (GDP), which covers only goods and services produced within a country, rose by 3.9% in the second quarter of 2007. The country's GDP grew by 6.1% for the whole of 2006.

Turkey has staged a spectacular economic recovery since a financial crisis in 2001 under tight reform programs sponsored by the International Monetary Fund with multi-billion-dollar loans. GNP grew by 5.9% in 2003, 9.9% in 2004 and 7.6% in 2005. The country's current $10 billion standby deal with the IMF expires in May next year.

Ankara is aiming to achieve 5% growth at the end of 2007.

Copyright Agence France-Presse, 2007

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