Turkey’s Economy Grew by 2.9 Percent in 2016 The Expectation was 2.2 Percent
According to the production method, the annual Gross Domestic Product (GDP), which is obtained by totaling four periods, increased by 2.9 percent in 2016 compared to the previous year. The expectation was 2.2 percent.
According to the data released by the Turkish Statistical Institute, in the fourth quarter of 2016, GDP significantly exceeded expectations by 2.0 percent, up by 3.5 percent compared to the same quarter of the previous year.
Foreign trade statistics released
The Turkish Statistical Institute (TUIK) has announced foreign trade statistics for February 2017. According to the provisional foreign trade data established by the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade; Exports decreased by 1.9 percent to $ 12 billion 127 million in February 2017 and imports increased by 1.6 percent to $ 15 billion 820 million dollars.
In February, foreign trade deficit increased by 15 percent to 3 billion 693 million dollars. While the import coverage ratio of exports was 79.4 percent in February 2016, it dropped to 76.7 percent in February 2017.
According to the season and the calendar without seasonal effects; In February 2017, exports increased by 1.8 percent and imports increased by 1.7 percent compared to the previous month. According to the seasonally adjusted series, In February of 2017, exports increased by 0.7 percent and imports increased by 5.5 percent compared to the same month of the previous year.
The share of the European Union (EU-28) in exports was 46.3 per cent in February 2016 and 45.7 per cent in February 2017. Exports to the EU decreased by 3.2 percent compared to the same month of the previous year, reaching 5 billion 539 million dollars.
Exports to Germany were $ 119 billion in February 2017, followed byUnited Arab Emirates with $ 938 million, followed by Iraq with $ 725 million, followed by England with $ 702 million.
Imports from China were $ 1 billion 643 million in February 2017. This country was followed by Germany with 1 billion 439 million dollars, France with 1 billion 304 million dollars and France with 767 million dollars.
The share of high-tech products in manufacturing industry exports was 3 percent
According to ISIC Rev.3 in February, the share of manufacturing industry products in total exports is 93.9 percent. The share of high technology products in exports of manufacturing industry products is 3 percent and the share of medium high technology products is 33.4 percent.
The share of manufacturing industry products in total imports is 80 percent. The share of high technology products in imports of manufacturing industry products in February 2017 is 16.1 percent and the share of medium high technology products is 42.5 percent.