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"Turkey continues to go from strength to strength with the Governor of the Central bank of Turkey saying that growth in the last quarter of 2010 is likely to be higher than the rate of economic expansion recorded in the previous quarter. Growth in the third quarter of 2010 was 5.5% which was less than the 11% posted in the first six months of the year.
However the figures are expected to be higher as industrial production has increased due to returning demand in the export markets.
Growth in Turkey has being driven by domestic demand as their export markets were affected by the economic downturn.
As the global economy continues to recover growth in this country should remain strong, especially with many companies recruiting heavily during the last three months of 2010. While world economic growth has been estimated at 3.9% last year, the World Bank considers the figures for Turkey to being more than double at 8.1%.
Turkey is also strengthening its ties to the Gulf with the Prime Minister visiting Kuwait and Qatar which given its strategic position makes perfect economic sense.
While more than 50% of Turkey's trade is with Europe the level of trade with the Gulf States has been low, and seeking to increase trade will benefit the country immensely bringing greater economic wealth to citizens and increasing their spending power. One of the areas that can be expected to benefit from this increased spending power is of course the property sector which is still relatively new.
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