ANKARA (A.A) – Turkish State Minister for economy Ali Babacan said the 9.8% rise in Turkey’s October industrial production showed it was time to make an upward revision in Turkish Government’s 2010 annual growth projections.
In his address at the 5th Sectoral Economy Council meeting, Babacan said Turkey’s industrial production index saw a higher than expected surge in October, a major indicator in his words promising an annual growth surpassing the government’s projections.
Babacan who pointed out that the Turkish economy grew 11% in H1, said OECD projected an annual growth of 8.2% for Turkey in 2010. He said IMF expected Turkey to grow 7.8% while EU projected an 7.5% annual growth.
“Regardless of from which point you look at, Turkey will be the fastest growing economy in Europe this year and the next year,” said Babacan.
Turkey’s statistical board, TurkStat, announced Wednesday that the country’s industrial production index rose 9.8% year-on-year in October.
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