Turkish GDP Grows 4% in Q3, Beats Forecasts

The Turkish economy advanced 4 percent year-on-year in the three months to September of 2015, following a 3.8 percent expansion in the previous period and staying way above market expectations of 2.8 percent. It was the highest growth rate since the first quarter of 2014, mainly boosted by government expenditure and a positive contribution from net external demand.

Government spending grew further by 7.8 percent (+7.2 percent in Q2) while household consumption advanced at a slower 3.4 percent (+5.5 percent in Q2). By contrast, gross fixed capital formation shrank by 0.5 percent, after expanding sharply by 9.7 percent in the previous quarter.

Exports declined by 0.6 percent (-1.9 percent in Q2) while imports contracted at a faster 1 percent (+1.5 percent in Q2), the first fall in three quarters. 

On the production side, agriculture activities grew 11.1 percent, industry advanced 1.5 percent and services sector expanded 5 percent.

On a quarter-on-quarter seasonally adjusted basis, the economy expanded 1.3 percent, compared to an upwardly revised 1.4 percent growth in the previous quarter.

Considering the first nine months of the year, the economy expanded by 3.4 percent. 

Turkish GDP Grows 4% in Q3, Beats Forecasts

Turkstat | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/10/2015 8:54:57 AM