Turkey is having its best year for takeovers since 2008, recording better growth than any of the largest emerging markets as Europe's fastest expanding economy lures buyers from Diageo Plc. to Goldman Sachs Group Inc.

The value of transactions involving Turkish targets has increased 59 percent annually to $8.8 billion, the highest level since Lehman Brothers Holdings Inc. failed in September 2008, according to data compiled by Bloomberg. Deals dropped this year in Brazil, India and China, while mergers and acquisitions grew 50 percent in Russia, the data show.

Turkey's $735 billion economy grew 8.8 percent in the second quarter, faster than India's and more than four times the euro zone's expansion, as credit growth spurred consumer demand. The central bank has taken the most aggressive steps in emerging markets this year to guard the economy against a global slowdown, cutting interest rates three times since December while borrowing costs rose in the so-called BRIC nations.