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Financial News: Turkish Economy Recovers In Q3

Turkish Economy Recovers In Q3

12/02/2019 - 03:46:00 (RTTNews)

(RTTNews) - Turkey's economy returned to growth in the third quarter after shrinking for three straight quarters, data from the Turkish Statistical Institute showed Monday.

Gross domestic product climbed 0.9 percent on a yearly basis in the third quarter, in contrast to a 1.6 percent decline in the second quarter. However, this was slower than the expected growth of 1.1 percent.

The expenditure-side breakdown of GDP showed that the recovery was driven by domestic consumption. Household expenditure rebounded 1.5 percent and government spending climbed 7 percent. Meanwhile, gross fixed capital formation fell 12.6 percent.

Exports and imports increased 5.1 percent and 7.6 percent, respectively.

Calendar adjusted GDP climbed 0.6 percent year-on-year in the third quarter.

On a quarterly basis, the economy grew 0.4 percent but slower than the 1 percent expansion seen a quarter ago.

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