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Turkey’s economy grows 4% in Q3, beats estimates

by ChemOrbis Editorial Team -
  • 10/12/2015 (16:16)
According to data from the Turkish Statistical Institute (TurkStat), Turkey’s gross domestic product (GDP) expanded 4% on the year in the third quarter, beating Bloomberg economists’ estimates, which called for a growth rate of 2.7%. Turkey’s Q3 growth rate also exceeded the previous quarter’s growth rate of 3.8%. Meanwhile, seasonally and calendar adjusted GDP also increased 1.3% compared with the second quarter.

The acceleration in the Turkish economy was attributed to stronger household consumption, which climbed 3.4% in the July-September period from a year earlier. Consumer spending rose 3.4% in the third quarter compared with a 5.5% gain in the previous quarter while public and private investments’ contribution to the GDP declined 0.5% after posting a gain of 9.7% in the second quarter.

Meanwhile, data from Turkey’s central bank data also showed that Turkey’s current account deficit fell to $25.4 billion during the first 10 months of this year compared with $33.8 billion in the same period of last year.
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