Turkey's GDP rises by 7.4% YoY in Q3: TurkStat

01 Dec '21

1 min read

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Turkey's gross domestic product (GDP) rose by 7.4 per cent in the third quarter (Q3) of this year compared with the same period last year, according to the Turkish Statistical Institute (TurkStat), which recently announced that the total value of goods produced and services provided between July and September at current prices stood at 1.9 trillion Turkish liras ($225.5 billion).

The figure, however, was below the market forecast as a group of 18 economists polled by a news agency last week projected an average year-on-year (YoY) growth of 8.1 per cent in Q3.

Compared to Q2 this year, the GDP rose by 2.7 per cent in Q3. The Turkish economy grew by 21.7 per cent in Q2, the highest annual growth rate since 1999.

The economists also estimated that Turkey's annual GDP in 2021 would grow at 10 per cent on an average, the news agency reported.

The government projects Turkey’s economy to grow at 9 per cent this year under the medium-term economic programme for 2022-24.

ALCHEMPro News Desk (DS)

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