The State Statistics Institute(DIE) announced that GNP in Turkey in the last quarter of 2003 grew by 7.2 % which amounted to an annual growth of 5.9 %. The government's GNP growth target for 2003 was 5 %.
According to the DIE figures, shrinkage in agricultural sector for about the 9.6%, limited growth by 7.2% for the last quarter of 2003. The construction sector rose by 1.3% in the last quarter of 2003. Growth was recorded for the first time in construction sector since the 1999 Kocaeli earthquake.
The government reduced its spending in 2003 by 4.2% in the last quarter of 2003 and by 2.4% in 2003.
Zafer Caglayan, the Preisdent of the Ankara Chamber of Industry said that, DIE figures showed that growth in economy and per-capita income was possible without inflation.
Tanil Kucuk, Chairman of Istanbul Chamber of Industry said that the growth in per-capita income was the signal of the structural changes in the Turkish economy.