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Turkish economy grows 3.9 percent in 3rd quarter

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Turkey’s economy grew 3.9 percent in the third quarter of 2022 on a yearly basis, official figures showed on Wednesday, the state-run Anadolu news agency reported.

The country’s gross domestic product at current prices reached 4.26 trillion Turkish lira ($241.5 billion) in the July-September period, the Turkish Statistical Institute (TurkStat) said.

An Anadolu survey this week predicted that the country’s economy would grow 3.9 percent in the third quarter.

The country’s economy expanded by 7.5 percent and 7.7 percent in the first and second quarters, respectively, and 11.4 percent in 2021.

According to TurkStat, value added in the financial and insurance sector increased by 21.6 percent, in the information and communications sector by 13.9 percent, in the professional, administrative and support services sector by 12.6 percent, in the public administration, education, health and social services sector by 7.6 percent, in real estate and housing by 4.1 percent, in agriculture, forestry and fishing by 1.1 percent and in the industrial sector by 0.3 percent, while the construction sector declined by 14.1 percent.

TurkStat said the final consumption expenditures of households rose by 19.9 percent and that government consumption was up by 8.5 percent in the third quarter on a yearly basis.

Over the same period, the export of goods and services rose by 12.6 percent, TurkStat added.

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