Turkey's economy grows by double digits, fastest-growing in G20 | World Defense

Turkey's economy grows by double digits, fastest-growing in G20


Dec 5, 2017
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The economy grew by 11.1 percent in third quarter of 2017, the fastest Q3 growth rate of world's 20 largest economies, according to data released by Turkish Statistical Institute.

Turkey's economy grew by a strong 11.1 percent in the third quarter of 2017 compared to the same period last year, official statistics showed on Monday, with the high reading driven by one-off effects as well as resilient output.

The figure was even well above the consensus market forecast, which had been for 10.0 percent growth.

The economy had grown by 5.3 percent in the first quarter and 5.4 percent year-on-year in the second, according to revised figures.

Growth was driven by construction and services as well as a strong rise in exports, official data published by the Turkish Statistics Institute (TurkStat) showed.

Turkish President Recep Tayyip Erdogan said last month that "no one should be surprised" if Turkey's end-of-year growth for 2017 was around 7.0 percent.

Analysts said ahead of the data release the third quarter figure would be particularly strong as the comparative period in 2016 was especially weak due to the effects of the July 15 failed coup and a long religious holiday.

However underlying growth is still seen as strong, largely due to a boom in construction driven by high government spending and cheap credit.

The economy grew by 1.2 percent in the third quarter from the second quarter on a seasonally-adjusted basis, TurkStat said.