Oktay Özdabakoğlu - ISTANBUL / Radikal
The Istanbul bourse is the best performer in the world so far this year.
Turkey has continued to separate itself from debt-ridden Western economies with its high performing Istanbul Stock Exchange (İMKB), on the back of higher growth rates and other positive macroeconomic data.
The Istanbul bourse has recorded the highest increase in value in the world, with 23 percent for the year to date, outscoring its closest rival, the Philippines, by 3 points.
Turkish economy shines with its first-quarter growth rate, inflation data for June, industrial production figure for May, and finally its better-than-expected current account deficit, at a time when global recession concerns are exacerbated by deepening eurozone debt woes.
The Turkish economy expanded by 3.2 percent year-on-year in the first quarter, and consumer prices decreased more than market expectations in June, with a 0.9 percent monthly drop. Industrial production in May jumped 5.9 percent, hitting the highest May level since 2005. Last but not least, the current account deficit, at $5.8 billion in May, was lower than the market expectation of $6.2 billion, adding to Turkey’s favorable macro-economic data set.
On top of these, the healthy structure of local banking, reinforcing the country’s resistance to the global economic and financial crisis, has accelerated money inflows to Turkey, particularly in the last month, driving the Istanbul Stock Exchange higher than any other bourse this year. Meanwhile, the worst performer this year has been the Spanish bourse, which has plunged 19.7 percent.