Turkey Catapulted Above India as Government Revises GDP Math
- New methodology dramatically improves growth performance
- Turkey’s five-year average expansion now among world’s best
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Where reforms and a series of interest rate cuts failed, new accounting methods have succeeded in delivering a $140 billion boost to Turkey’s economy.
That’s how many economists are interpreting Monday’s gross-domestic product data, whose methodology is prompting a host of eye-popping revisions. Where last year’s GDP had been previously reported at $720 billion, the updated arithmetic shows it to have been $862 billion, pushing Turkey past the Netherlands to take its place as the 17th largest economy worldwide.