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Türkiye’s economy grows 3.9 percent in the third quarter

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Turkish Statistical Institute

– Türkiye’s economy grew 3.9 percent on-year in the third quarter, expanding at the slowest rate since the second quarter of 2020, data from the Turkish Statistical Institute announced on Wednesday.

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The limited growth in consumption compared to the second quarter and the slowdown in foreign demand contributed to the slowdown in the rate of growth.

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Gross domestic product (GDP) fell 0.1 percent from the previous quarter on a seasonally and calendar adjusted basis, the data showed.

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The consumption expenditures of resident households increased by 19.9 percent as a chained volume index in the third quarter of the year compared to the same period of the previous year. While government final consumption expenditures increased 8.5 percent, gross fixed capital formation decreased 1.3 percent.

The country’s economic growth is dwarfed by its annual inflation rate, which hit a 20-year high of 85.5 percent in October.

Turkey‘s central bank said last week it had ended the easing cycle between August and November, during which it cut the policy rate by 500 basis points to 9 percent. ■

(Xinhua)

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