Turkish economy hit 5.9% growth in Q3

Published November 30,2023

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Türkiye‘s gross home product (GDP) rose 5.9% within the third quarter of this yr, the nation’s statistical authority stated on Thursday.

According to the Turkish Statistical Institute (TurkStat), the nation’s GDP totaled 7.68 trillion Turkish liras ($295.8 billion) at present costs this July-September.

“The value added increased by 8.1% in construction, 5.7% in (the) industry sector, 5.1% in financial and insurance, 4.3% in services, 3.6% in public administration, education, human health and social work activities, 2.7% in real estate activities, 2.2% in other service activities, 1.7% in information and communication and 0.3% in agriculture, forestry and fishing,” TurkStat stated.

TurkStat stated over the identical interval ultimate consumption expenditures of resident households rose 11.2%, authorities ultimate consumption expenditures 5.3%, and gross mounted capital formation 14.7%.

Imports of products and providers soared 14.5% whereas exports of products and providers climbed 1.1% year-on-year within the third quarter.

Earlier this yr the Turkish economic system grew 4% within the first quarter and three.9% within the second, whereas final yr it racked up development of 5.5%.

Commenting on the figures, Mehmet Şimşek, the Turkish Treasury and finance minister, stated: “As envisaged in our program, we are moving towards a more balanced composition in growth.”

Compared to the primary half of the yr, the contributions of home demand to development fell, whereas the unfavourable contribution of web exports decreased comparatively, he famous.

Compared to the earlier quarter, non-public consumption contracted, whereas funding and exports grew, he added.

Şimşek pledged: “We will proceed to implement our predictable, rule-based insurance policies till inflation and the present account deficit fall completely and macro-financial stability is achieved.

“We will implement structural reforms to increase productivity. Thus, we will strengthen the foundations of sustainable high growth.”