EU commission increases Turkey\'s growth forecast to 3.2%

European Union (EU) Commission increased Turkey\'s growth forecast from 3 percent to 3.2 percent. EU commission also announced the spring economic growth forecast and increased Turkey\'s next year\'sgrowth forecast from 3.8 percent to 4 percent. Turkey\'s economicgrowth rate had decreased to 2.2 percent, said the EU commission adding that leading indicators showed that Turkey\'s economic growth would increase in the first quarter of 2013. In the EU commission report, industrial production data and consumer confidence index affirm that there has been an acceleration on gross national production (GNP) in the first quarter of 2013. Consumer confidence index also increased thanks to positive political developments on Kurdish issue and the decline in credit interest. A decline of 0.1 percent in the economy of EU with 27 members has been predicted for this year. The commission predicted that Greek Cypriot side would be the leading one among others, declining by 8.7 percent and followed by Greece 4.2 percent, Portugal 2.3 percent, Slovenia 2 percent, Spain 1.5 percent, Italy 1.2 percent, Croatia 1 percent, Holland 0.8 percent, Czech Republic 0.4 percent, and France 0.1 percent. EU Commission expects that Germany\'s growth would be 0.4 percent and Britian\'s would be 0.6 percent this year. The Commission estimates that the ratio of national debt to gross domestic product (GDP) in Greece would be 175 percent, it would be 131 percent in Italy, 123 percent in Ireland and Portugal, 110 percent in Greek Cypriot side, 101 percent in Belgium and 96 percent in Euro zone.