Turkey: and another “yes” for GDP!

- "The prospects for Turkey are looking brighter and brighter. On Sunday, the overriding "yes" in the country’s constitutional referendum boosted Prime Minister Erdogan’s position after this vote and lessened the risk of political instability. Yesterday, GDP figures for the second quarter confirmed the favorable wind behind Turkey’s economy. While macroeconomic performance was expected to be excellent following the first quarter’s results (+11.7% YoY), growth outperformed even the most optimistic forecasts (+10.3% compared with a consensus of +9% YoY). Historically low interest rates, stimulus measures and stability in the banking sector have all been driving forces for such expansion, making Turkey one of the most dynamic emerging countries together with China. We are thus revising our growth forecast for 2010 upward to 7.5%, from our earlier 6.2%."

Natixis Special Report 182 20100915

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