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According to the datas from Turkish Statistics Institute, regarding the GDP as a chained volume index, it has increased 5,1% in the second quarter of 2017 comparing to the previous year’s second quarter. The increase was slightly below expectations of economists, at 5.3 percent.

When looking into the datas in detail, we can see the biggest contribution to the growth came from fixed capitals unlike the previous years. The investments made 2.9 points to the 5,1% growth, followed by 1.9 points for household consumption and 1.7 points for export.

The developing steps that the Government took to move up the economy have had a big impact. The biggest effect came from Credit Guarantee Fund. Also tourism had a really big contribution this year. After theis data has been published the growth forecast is raised for 2017 from 4.7 percent to 5.4 percent.

This year many incentives for employment and production, as well as the tax cuts applied to the construction, white goods and furniture sectors, have been given this year to prevent the slowdown in the economy after the contraction in the third quarter of 2016.

The 1.68 point of the growth in the second quarter came from exportation, also the 5.1 economical growth of the first half is contributed by exportation with 1.98.

In August, exports increased by 11.9% compared to the same month of the previous year and were 12 billion 439 million dollars. While most exports were carried out by the automobile industry, Germany was the country that represents the highest exports. Also tourism has an unexpected effect in this year’s growth.

It has been seen that Turkish municipalities have made a significant development in 2017 following the distressed 2016 due to security concerns and political climate.

Although Istanbul hotels, which exceeded the average of 7 months, increased their occupancy by 18.5 percent, their income also exceeded the national average, decreasing by 21.9 percent. But the hotels in Antalya and the Aegean areas were almost full and had most of their visitors from European and Russian tourists.

Conexio Consulting is an experienced consulting firm that can help you to develop your ideas, projects and investments in Turkey. The recovery and the development period of economy now is full of opportunities and Government offers good incentives in every sector.

For detailed consultancy ideas Conexio is ready to help you with creative and solving oriented approach.