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Financial News: Turkey GDP Growth Moderates In Q3

Turkey GDP Growth Moderates In Q3

11/30/2021 - 06:42:00 (RTTNews)

(RTTNews) - Turkey's economic growth moderated in the third quarter, the Turkish Statistical Institute said on Tuesday.

Gross domestic product grew 7.4 percent year-on-year in the third quarter, following the second quarter's 22 percent expansion. On a quarterly basis, GDP expanded by seasonally adjusted 2.7 percent after rising 1.5 percent in the preceding period.

Turkey's economy put in another strong performance in the third quarter but, as the effects of the recent currency crisis filter through, it is likely to suffer a contraction in the fourth quarter, Jason Tuvey, an economist at Capital Economics, said.

The only crumb of comfort is that the downturn is likely to prove less severe than that which followed the 2018 crisis, the economist added.

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