Personal income levels rise to $4,172; growth record broken

With a rapid 9.9% growth in 2004, Turkey has left China behind in its wake as the OECD's (Organization for Economic Co-operation and Development) fastest growing economy. According to the Federal Bureau of Statistics, 2004 saw the Turkish Gross National Product grow at a rate of 9.9%, while the Gross Domestic Product grew at 8.9%. At these rates, Turkey experienced its highest rate of growth since 1966.Last year, Turkey had already broken its own record, with GNP and GDP rates much higher than the previous year. With growth rates in for 2004, it is clear that both the GNP and the average personal income levels are the highest they have ever been in the history of the Turkish Republic.  Government spending was up 0.5% in 2004, while consumer consumption was up 10.1%. There was an increase of 32.4% in gross investment, while export of goods and services was up 12.5%. Import of goods and services rose 24.7% in 2004. In the last quarter of the year, with two periods of reduced spending by the government, there was an 11.1% increase in final spending. In this same period, consumer final spending was up 3.6%, investments up 11.2%, export of goods and services 14.4%, and import of goods and services 19.6%. Â