TURKISH ECONOMY ON FIRM RECOVERY TRACK, DATA REVEAL

ANKARA (A.A) - 04.08.2010 - Turkey's economy has given signals in the first six months of 2010 that it is on a firm recovery track after being hit by the fallout from a global financial crisis.
The country's economy grew 11.7 percent in the first quarter with its GDP up to 243.3 billion Turkish liras (TL) as expectations over the year-end growth rate stand at a minimum of 6 percent. 
Turkey shrank by 14.5 percent in Q1 last year with a 209.7 billion TL GDP. The year-end figure was -4.7 percent with a 953.9 billion TL. 
Latest statistics on inflation rates show that annual figures on consumer and producer prices indices as of July were 7.58 percent and 8.24 percent, respectively.
The country's volume of exports, which saw last year a sharp drop due to shrinking demand in foreign markets, also was up in the first half of 2010, with 14.9 percent to $54.8 billion while imports also increased 33.6 percent to $83.3 billion.
Foreign trade deficit in the first half of 2010 was $28.5 billion as export-import ration was 65.8 percent. In 2009, the annual figures were $38.8 billion and 72.5 percent, respectively.      
Current deficit in the first six months of 2010 stands at $17.4 billion as the figure last year was $5.2 billion. The annual figure for 2009 was $13.9 billion. 
However, international analysts estimate current deficit-to-GDP ratio would raise to 4.75 percent, which they warn could risk a growth pattern dependent on a volatile foreign financing. 
Turkey's budget deficit was down in the January-June period to 15.4 billion TL from  52.7 billion TL year-on-year.   
Jobless rate dropped three points to 12 percent in the first six months of 2010 from 14.9 percent a year earlier. The annual figure in 2009 was 14 percent. 
The number of the jobless was 3.6 million in the first six months of 2009 while figure dropped 3.1 million in the same period this year. The annual figure over the unemployed was 3.5 percent in 2009.