Turkish economic growth at 0.9% in Q3

Gross domestic product at current prices stands at $201.9B in July-September

Turkey’s economy expanded by 0.9% year-on-year in the third quarter of this year, the country’s statistical authority reported Monday.

Gross domestic product (GDP) at current prices in Turkey reached 1.15 trillion Turkish liras ($201.9 billion) this July-September, TurkStat said.

The figure rose 11.5% from 1 trillion Turkish liras ($189.8 billion) in the same quarter last year.

Anadolu Agency’s growth expectation for the third quarter — from a survey conducted by a group of 13 experts — was 1.1%.

The total value added surged by 3.8% in the agricultural sector and 1.6% in the industry sector, while it fell by 7.8% in the construction sector.

The services sector’s value added — wholesale and retail trade, transport, storage, accommodation, and food service activities — rose 0.6% during the same period.

TurkStat data also showed that seasonally and calendar-adjusted gross domestic product went up by 0.4% (Q3) compared to the previous quarter (Q2).

Turkey’s year-end economic growth in 2019 is expected to be 0.5%, according to the country’s new economic program announced on Sept. 30.

The new program targets 5% annual growth rate for each of the next three years.

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