Turkish GDP Expands 7.4% on Strong Domestic Demand, Exports

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Turkish GDP Expands 7.4% on Strong Domestic Demand, Exports

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(Bloomberg)-30/11/2021

Turkey’s economy grew 7.4% year-on-year in the third quarter, meeting expectations on the strength of retail demand, manufacturing and exports, official data showed on Tuesday.

Gross domestic product (GDP) expanded 2.7% compared with the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed.

In a Reuters poll, the economy was forecast to have expanded 7.5% in the third quarter with full-year growth seen at 9.5%. However the lira’s recent crash and soaring inflation are expected to hinder growth in coming months.

GDP grew a massive 21.7% annually in the second quarter, rebounding after a sharp slowdown a year earlier due to the COVID-19 restrictions.