VakıfBank Annual Report 2015 - page 30

VAKIFBANK ANNUAL REPORT 2015 30
TURKISH ECONOMY GREW BY 4% IN THE
THIRD QUARTER OF 2015
In the third quarter of 2015, the Turkish GDP
grew 4% year-on-year in constant prices.
Having grown by 2.5% in the first and 3.8%
in the second quarters, the economy posted
a cumulative year-on-year growth of 3.4%
in the first nine months of the year. As such,
growth was seen to gain momentum in this
period in comparison to the first nine months of
2014. GDP in current prices, on the other hand,
expanded by 11.1% year-on-year. GDP data
suggest that the Turkish economy has reached
a higher-than-anticipated performance in the
first three quarters. According to GDP data after
seasonal and calendar adjustment, the growth
rate was 1.3% percentage points higher in the
third quarter than over the second quarter.
Household consumption expenditure,
which in 2014 had grown by 1.8% over
the previous year and contributed 1.27
points to the GDP growth rate, surged 3.6%
year-on-year in the first three quarters of
2015 and contributed 2.54 points to GDP
growth. Household consumption expenditure
accounted for 70.2% of GDP in the first three
quarters, and headed higher in the third
quarter. As a result, household consumption
expenditure made the biggest contribution
to growth in these first nine months.
After growing 4.7% year-on-year and
contributing 0.52 points to GDP growth in 2014,
public sector consumption expenditure went
up 5.9% year-on-year and contributed 0.62
points to GDP growth in the first three quarters
of 2015. Public investment expenditure, on the
other hand, fell by 1.9% year-on-year in the
first months of 2015, even as private sector
investment grew by 4.3%. As such, investment
expenditure contributed 0.76 points to GDP
growth in total. The slowdown in public sector
investments in the first quarter of 2015 ended
from the second quarter onwards, suggesting
that public sector could return to its dynamism.
TURKISH ECONOMY
In the third quarter of 2015, the Turkish GDP
grew 4% year-on-year in constant prices.
20
15
10
5
0
-5
-10
-15
-20
-25
2006Q12006Q32007Q12007Q32008Q12008Q32009Q12009Q32010Q12010Q32011Q12011Q32012Q12012Q32013Q12013Q32014Q12014Q32015Q12015Q3
Industrial Production Index (y-y, %) Gross Domestic Product (Real) (y-y, %)
Source: CBRT
REAL GROWTH (Y-Y, %)
THE WORLD AND TURKEY IN 2015
THAT SUPPORTS TURKEY
THE PIONEER BANK