
                                                                                       
                                                                                           
                                                                                           
                                                                                               
                                                                                               




                      -8%
                            -6%
                                  -4%
                                        -2%
                                              0%
                                                   2%
                                                        4%
                                                             6%
                                                                  8%
                                                                             12%
                                                                       10%
               1999

               2000

               2001

               2002

               2003

               2004

               2005

               2006




Growth (New)
               2007

               2008

               2009




Growth (Old)
               2010

               2011

               2012

               2013

               2014

               2015
          Decompostion of Investment, 2015                      Decompostion of Investment, 2015
                   (New Series)                                           (Old Series)

                   7,5%


                                                                                                   43,9%


37,9%                                           54,7%   56,1%




        Construction      Mach&Equip   Other assets                 Construction   Mach&Equip
                              -2%
                                    0%
                                         2%
                                              4%
                                                   6%
                                                        8%
                                                             10%
                                                                   12%
                  Mexico
                 Hungary
                     Brazil
                  Croatia
             South Africa
                   Poland
               Indonesia
                   Czech
              Philippines
                Malaysia
                    Serbia
                       Iran




2003-2007
                Romania
                 Bulgaria
             Turkey (Old)
            Turkey (New)
                 Slovakia
                   Russia
                      India
                     China
                  Croatia
                 Hungary
                Romania
                   Czech
                    Serbia
                 Bulgaria
                  Mexico
                   Russia
             South Africa
                 Slovakia
                       Iran
             Turkey (Old)




2008-2011
                   Poland
            Turkey (New)
                Malaysia
                     Brazil




                                                                         Average GDP Growth Rates
              Philippines
               Indonesia
                      India
                     China
                       Iran
                  Croatia
                    Serbia
                     Brazil
                   Russia
                 Bulgaria
                   Czech
             South Africa
                 Hungary
                 Slovakia
                   Poland
                  Mexico




2012-2015
                Romania
             Turkey (Old)
                Malaysia
               Indonesia
            Turkey (New)
              Philippines
                      India
                     China
                            Total Investment (2015)                                               Gross National Savings (2015)
                     50                                                                    50
                     45                                                                    45
                     40                                                                    40
    Percent of GDP




                                                                          Percent of GDP
                     35                                                                    35
                     30                                                                    30
                     25                                                                    25
                     20                                                                    20
                     15                                                                    15
                     10                                                                    10
                      5                                                                     5
                      0                                                                     0
                                    Serbia




                                Malaysia
                              Philippines




                                Romania
                            Turkey (Old)




                                     Brazil
                                   Poland



                                  Mexico




                               Indonesia
                                 Hungary




                           Turkey (New)
                                  Croatia
                                   Russia




                                 Bulgaria




                                      India

                                     China
                          Czech Republic
                               Argentina
                            South Africa




                                                                                                          Serbia




                                                                                                           Brazil
                                                                                                  Turkey (Old)




                                                                                                       Bulgaria

                                                                                                      Romania

                                                                                                       Hungary

                                                                                                      Malaysia
                                                                                                    Philippines




                                                                                                     Indonesia
                                                                                                        Mexico
                                                                                                         Poland
                                                                                                        Croatia
                                                                                                         Russia




                                                                                                            India
                                                                                                 Turkey (New)

                                                                                                Czech Republic




                                                                                                           China
                                                                                                     Argentina
                                                                                                  South Africa




____________________________________________________________________________________________
1
  We would like to thank to TURKSTAT officials Enver Taştı, Tülay Korkmaz, A. Kürşat Dosdoğru, Mehmet Ilgar, and Cevdet Öğüt for their valuable
contributions to this note.
2 Household final consumption is calculated by using Classification of Individual Consumption by Purpose (COICOP) and commodity flow method.
3 TURKSTAT updated the reference year as 2009 which was previously 1998.
4 The GDP growth rate, which was 4 percent at 1998 prices in 2015, increased to 6.1 percent along with the revision. One of the main reasons

behind this significant revision was switching to double deflation method. In 2015 oil prices were at very low levels and input costs declined
remarkably, and the upward revision in real value added was substantial.