turkish PM Erdogan 370.
(photo credit: REUTERS/Stringer )
Turkey’s economy dropped sharply in 2012, Turkish official figures showed, as
growth slowed to 2.2 percent from rates of 9.2 and 8.8 in 2010 and 2011.
According to a report in the Turkish daily Hurriyet on Monday, the Turkish
Statistical Institute wrote that the economy grew by only 1.4% in the fourth
quarter of 2012.
The government expected economic growth to match 2011
levels, but was forced to revise their figures mid-year when data became
available, according to the report.
Turkish Finance Minister Mehmet
Simsek tried to put a positive spin on the results, stating that its growth rate
of 2.2% was good considering the global economic slowdown and the EU economic
Gil Feiler, an expert on Middle Eastern economies and a
researcher at the Begin-Sadat Center for Strategic Studies, told The Jerusalem
that the Turkish spin on the results was largely accurate.
media, he said, is focusing on the bad Turkish economic results from the fourth
quarter, but that “Turkey is still in good shape compared to other world
“Turkey remains one of the strongest economies in the world
and any country can have one or two bad results,” Feiler continued. “But one
must look at its exports and these numbers are very good.”
amid news of a possible rapprochement between Israel and Turkey after Prime
Minister Binyamin Netanyahu apologized to Turkish Prime Minister Recep Tayyip
Erdogan for the death of Turkish citizens in the Mavi Marmara
The possible thawing of relations led to talk of a potential
gas pipeline that would go from Israel through Turkey and beyond, but many
obstacles remain before any significant improvement in relations can
“The apology is an entirely separate matter,” Feiler
“Turkey would like to cooperate in oil and military areas with
Israel no matter what it says publicly.”
He added that trade relations
between the countries are good.
A representative of the Energy and Water
Ministry told the Post
that it is currently not involved in any discussions of a
potential gas pipeline between the two countries.
According to the
Central Bureau of Statistics, Israeli-Turkish trade was close to $4 billion in
2012 despite the global economic crisis.