Turkey's economy posts fastest growth in 6 years
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.
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