Turkey overtakes EU in economic growth

Turkey has overtaken 21 European Union (EU) countries in terms of economic growth as country's Gross Domestic Product (GDP) grew by 3.1 percent and reached 33.61 billion Turkish liras ($11.4 billion) in the second quarter (Q2) of 2016 in a year-on-year comparison, according to an announcement by the Turkish Statistical Institute(TurkStat).

The report showed that a seasonal and calendar-adjusted GDP increased by 0.3 percent compared to the previous quarter.

Also, the first quarter of GDP was downgraded 0.1 points to 4.7 percent from the previously announced 4.8 percent.

Turkey became the seventh fastest growing country following India, the Philippines, China, Indonesia, Malaysia and Spain.

These data showed that the Turkish economy increased eight times more than the average of the European Union countries' growth.

The United Kingdom grew 0.7 percent and Germany's 0.4 percent, while France's economy couldn't grow.

Turkey's economy is reported to have grown faster than some Organization for Economic Co-operation and Development (OECD) countries, such as the United States, Japan, Russia and Canada.

Issuing a written statement regarding the growth data on Friday, Deputy Prime Minister Mehmet Şimşek said economic growth maintained a level of 3.9 percent in the first half of 2016, despite the ongoing geopolitical tensions and weakening global economy.

Turkey's Finance Minister Naci Ağbal said Turkey became one of the fastest growing economies in G20, OECD and EU countries, adding that the Turkish economy continues to grow for 27 quarters.

Development Minister Lutfi Elvan said the Turkish economy grew despite the jet crisis with Russia, Syrian refugee flow and terrorism.