Turkey’s economic growth slows to 3.9 pct in third quarter as foreign demand falls
- Date: 02-Dec-2022
- Source: Al Arabiya
- Sector:Financial Services
- Country:Qatar
Turkey’s economic growth slows to 3.9 pct in third quarter as foreign demand falls
Turkey’s economy expanded 3.9 percent in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong.Gross domestic product (GDP) contracted 0.1 percent from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed, marking the first contraction since the height of the COVID-19 pandemic inthe second quarter of 2020.
For the latest headlines, follow our Google News channel online or via the app.Economists expect full-year growth of 5 percent, in line with forecasts, according to the latest Reuters poll, after a strong first half of the year.Economists expect growth to slow further in Q4.“It seems it is still possible to attain the 5 percent growth target if there is no quarterly contraction of more than 0.5 percent in Q4,” Haluk Burumcekci, of Burumcekci Consulting, said.The outlook for 2023 remains uncertain. A national election should take place no later than June, and an opposition victory could see a sharp reversal of President Recep Tayyip Erdogan’s economic policies.Private consumption remained strong in the third quarter.Analysts predicted growth would slow in the