Economy of Turkey Grows by 1.6 Percent in Third Quarter of 2018

* Photograph: Anadolu Agency

Click to read the article in Turkish

The Turkish Statistical Institute (TurkStat) announced the Gross Domestic Product (GDP) in the third quarter of 2018 today (December 10).

In the period of July-August-September 2018, the economy of Turkey grew by 1.6 percent. The Gross Domestic Prodcut estimate with production method has also increased by 21.8 percent with current prices and become 1 trillion 13 billion 453 million Turkish Lira (TRY).

Expectation was 1.7 percent

The economists who participated in the Growth Expectation Survey conducted by the state-run Anadolu Agency Finance estimated that the economy of the country would grow by 1.7 percent on average.

While the highest growth expectation stated by an economist participating in the survey was 3 percent, the lowest expectation was 0.5 percent.

In the first quarter of 2018, the economy of Turkey grew by 7.3 percent while it grew by 5.2 percent in the second quarter. In the third quarter of 2017, the growth rate of the economy was announced as 11.1 percent by the TurkStat.

Construction sector shrinks, state expenditures rise

The figures announced by the institute have also shown that in the third quarter of 2018, while the total value added by the agricultural sector has increased by 1 percent and that of industrial sector has increased by 0.3 percent in comparison with the same period last year, the value added by the construction sector has decreased by 5.3 percent.

According to the institute, in the third quarter of this year, the final consumption expenditures of the state have also increased by 7.5 percent when compared to the figures of last year. (HA/SD)