Turkey's economy posts fastest growth in 6 years

According to data from the Turkish Statistical Institute (TurkStat), Turkey’s gross domestic product (GDP) grew at the fastest pace since 2011 during the third quarter of 2017 year on year.

Accordingly, the country’s economy grew by 11.1% in the third quarter of 2017 when compared to the same quarter of 2016, defying the analysts’ expectations for a growth of around 10%. This followed a revised 5.2% growth in the July-September period.

Among the activities that constitute gross domestic product (GDP), the agricultural sector grew by 2.8%, the industry sector grew by 14.8%, the construction sector surged by 18.7% and the services sector grew significantly by 20.7% year on year.

Calendar adjusted gross domestic product in the third quarter of 2017 increased by 9.6% compared with the same quarter of the previous year. Seasonally and calendar adjusted gross domestic product increased by 1.2% compared with the previous quarter, the data revealed.

Household final consumption expenditure increased by 11.7% while government final consumption expenditure increased by 2.8% and gross fixed capital formation increased by 12.4% in the third quarter of 2017 compared with the same quarter of the previous year.

Exports of goods and services increased by 17.2%, while imports of goods and services increased by 14.5% in the third quarter of 2017 year on year, meanwhile.