Turkey posts record 11% first quarter growth rate

Turkey's GDP growth rate for the first quarter of 2011 reached a record rate of 11% year-on-year, according to data recently released by the Turkish Statistical Institute (TurkStat). The country's GDP has reached over TRY 284 billion (approx. USD 174 billion) in the said period at current prices.

Surpassing market estimates of around 9.6%, Turkey has become the fastest growing country in the world for the first quarter of 2011, followed by Argentina at 9.9% and China at 9.7%. Turkey's manufacturing industry took the lead in sectoral growth at 21.4 %.

Analysts claim that higher-than-expected growth rate may necessitate an upward revision in Turkey's overall growth forecast for 2011, averaging around 6 %. The country is one of the fastest growing economies in the world with a rate of 8.9% by 2010 figures.

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