Turkish Economy Grows 4.7 Percent
Sep. 10, 2002
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ANKARA, Turkey (AP) _ Turkey's economy grew by 4.7 percent in the first six months of 2002, according to government figures released Tuesday, boosting hopes that the country may achieve its target growth of 3 percent for the year.
The State Statistics Institute said Turkey's gross domestic product rose by 8.2 percent in the second quarter, exceeding expectations.
Turkey's economy grew by 0.7 percent in the first quarter of 2002 after contracting by 9.4 percent last year amid a massive economic crisis that led to more than 2 million layoffs.
The International Monetary Fund is lending Turkey fresh loans worth $16 billion to help the country recover from the deep crisis. Turkey is one of the IMF's biggest borrowers with loans amounting to $31 billion.
The IMF-backed economic recovery program would cut spending and sell state-owned enterprises to spur growth.