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MENAFN - 10/09/2012

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(MENAFN) Official data showed that Turkey's GDP failed to meet expectations in the second quarter as domestic demand weakened, raising pressure on the central bank to further cut borrowing costs, Reuters reported.

Turkey's economy grew by 2.9 percent in the quarter compared to a year earlier, according to the Turkish Statistics Institute. First quarter growth was revised to 3.3 percent from 3.2 percent reported in July.

Finance Minister Mehmet Simsek said economy continued to experience a "soft landing", adding that initial indicators pointed to even weaker growth during the rest of the year.

Turkish exports continued a solid growth in the quarter, with firms refocusing on Africa and the Middle East away from troubled Europe. However, this was offset by weaker domestic demand.

Economy Minister Zafer Caglayan urged the central bank to step in and "take its feet off the brakes.

 






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