Turkish economy grows 4.8 percent in first quarter

Turkish economy grows 4.8 percent in first quarter

Turkey’s economy grew a larger-than-expected 4.8 percent in the first quarter of 2016, official data showed on June 10, outperforming major emerging markets peers, as wage hikes and spending by Syrian migrants fueled private consumption, according to analysts.

Domestic demand contributed 6 percent of the growth, data from the Turkish Statistics Institute (TÜİK) showed, but net external demand reduced the overall growth figure by 1.5 percent.

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Turkey absorbs almost half of global private infrastructure investment in 2015: World Bank

Turkey absorbs almost half of global private infrastructure investment in 2015: World Bank

As global private infrastructure investment in 2015 mostly remained steady at $111.6 billion, Turkey raised the bar with the financial closure of seven projects for a record $44.7 billion, said the World Bank in a news release on June 13.

According to new data from the World Bank Group’s Private Participation in Infrastructure Database, Turkey absorbed some 40 percent of global investment with two megadeals in transport: Istanbul’s $35.6 billion IGA Airport (including a $29.1 billion concession fee to the government), and the $6.4 billion Gebze-İzmir Motorway, which is expected to cut the travel time between Istanbul and the Aegean city of İzmir dramatically.

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