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Turkey's economy grows 3.9% in 3rd quarter

Turkey's economy grows 3.9% in 3rd quarter

Country's gross domestic product was $241.5 billion in July-Sept.
30.11.2022 - 14:44

Turkey's economy grew 3.9% in the third quarter of 2022 on a yearly basis, official figures showed on Wednesday.

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

The country's economy expanded 7.5% and 7.7%, respectively, in the first and second quarters, and 11.4% in 2021.

TurkStat said the value added increased by 21.6% in financial and insurance, 13.9% in information and communication, 12.6% in professional, administrative and support service activities, 7.6% in public administration, education, human health and social work activities, 6.9% in services, 4.9% in other service activities, 4.1% in real estate activities, 1.1% in agriculture, forestry and fishing activities and 0.3% in industry respectively, while construction sector decreased by 14.1%.

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

Over the same period, exports of goods and services soared by 12.6%, TurkStat added.