By a growth rate of 7,4 percent in the year 2017, Turkish economy outdistanced itself from G20 countries, from the member states of the Organization of Economic Cooperation and the members of European Union. Turkey, Catching a growth rate three times higher that EU average, Turkey also left behind China and India and ranked on top of G20 countries. Commenting about the growth rate of Turkish economy in 2017, professor Fuat Erdal, the Vice President of Ibn Haldun University said, foreign trade and investments are the first two elements that contributed to growth. Professor Erdal emphasized that Turkish exports gained a growth rate more than the national income in every quarters of 2017. "Exports increased 10,1 percent in the first quarter, 11,1 percent in second quarter, 17,9 percent in the third quarter and 9,3 percent in the fourth quarter. The increase in exports is much more than imports so that will have a positive effect on the current account deficit." he added.
Stressing that the machinery purchases will also continue to have a positive effect on the production capacity in 2018, professor Erdal said, "The gross fixed capital formation that represents investments increased by 7,3 percent in 2017. The biggest positive effect in this increase is the increase in construction sector by 12 percent annually. Althought experiencing a decrease in the first two quarters of 2017, machinery and equipment purchases achieved an increase by 15,7 percent in the third quarter and an increase by 8,3 percent in the fourth quarter, It is expected that increasing machinery and equipment sales will have a positive effect on the production capacity of 2018." Professor Erdal underlined that this increase is a concreate sign of trust of investors and entrepreneurs to the Turkish economy. "Of course economic stimulus packages had an important contribution. It is expected that national income will continue to grow in such a rate in 2018." he added.
