Turkish economy achieves 5.9 percent GDP growth in Q3, TurkStat reports

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Turkish economy grows by 5.9 percent in third quarter of year and becomes highest growing economy among G20 countries

Turkish economy achieves 5.9 percent GDP growth in Q3, TurkStat reports

Türkiye's gross domestic product (GDP) increased by 5.9% in the third quarter of this year, the Turkish Statistical Institute (TurkStat) said on Thursday.

According to the TurkStat, the country's GDP totaled 7.68 trillion Turkish liras ($295.8 billion) at current prices 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 said.

TurkStat said over the same period final consumption expenditures of resident households rose 11.2%, government final consumption expenditures 5.3%, and gross fixed capital formation 14.7%.

Imports of goods and services soared 14.5% while exports of goods and services climbed 1.1% year-on-year in the third quarter.

Earlier this year the Turkish economy grew 4% in the first quarter and 3.9% in the second, while last year it racked up growth of 5.5%.

Commenting on the figures, Mehmet Simsek, the Turkish Treasury and finance minister, said: "As envisaged in our program, we are moving towards a more balanced composition in growth."

Compared to the first half of the year, the contributions of domestic demand to growth fell, while the negative contribution of net exports decreased relatively, he noted.

Compared to the previous quarter, private consumption contracted, while investment and exports grew, he added.

"We will continue to implement our predictable, rule-based policies until inflation and the current account deficit fall permanently and macro-financial stability is achieved,” Simsek said.

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

Source: Anadolu Agency

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