Turkish Economy Grows 5.9 Percent in Q3 2023

​Türkiye's gross domestic product (GDP) saw a significant 5.9 percent year-on-year increase in Q3 2023, establishing the country as the world's fastest-growing economy during this period.

Data from the Turkish Statistical Institute (TurkStat) revealed that the country's GDP reached USD 295.8 billion at current prices from July to September, reflecting an increase of 79.8 percent.

During the initial nine months of the year, the Turkish economy grew 4.7 percent compared with the corresponding period in the preceding year.

Türkiye's GDP continues to grow with revisions in the first two quarters from 3.9 percent to 4.0 percent and 3.8 percent to 3.9 percent, respectively.

The construction sector led the economy with a rise of 8.1 percent, followed by an increase of 5.7 percent in the industry sector and 5.1 percent in the finance and insurance sector.

Meanwhile, there were positive upticks in other areas, with service activities showing an increase of 4.3 percent followed by public administration, education, human health, and social work activities at 3.6 percent, and real estate activities at 2.7 percent.

Furthermore, the agriculture sector saw modest growth at 0.3 percent, reflecting the aftermath of this year's devastating earthquakes in southeast Türkiye.

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Türkiye; GDP; world's fastest-growing economy; TurkStat