Turkish economy grows by 1.6 percent in Q3

Turkey’s economy grew by 1.6 percent in the third quarter of 2018 compared with the same period of last year, the country’s statistical authority announced on Dec. 10.

The economy expanded at 7.2 percent and 5.3 percent in the first and second quarters, respectively.

Calendar adjusted gross domestic product (GDP) in the third quarter of 2018 increased by 2.1 percent compared with the same quarter of the previous year. Seasonally and calendar adjusted gross domestic product decreased by 1.1 percent compared with the previous quarter.

Data from the Turkish Statistical Institute (TÜİK) also showed that households’ final consumption expenditure increased by 1.1 percent in the third quarter.

Government final consumption expenditure increased by 7.5 percent while gross fixed capital formation declined by 3.8 percent in the third quarter of 2018 compared with the same quarter of the previous year.