Turkey’s economic growth slows to 3.9 pct in third quarter as foreign demand falls

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