12/10/2015

Turkey’s GDP growth rate hits 4 percent in 3rd quarter

Turkey’s GDP continued growing for the 24th consecutive quarter beating market expectations by a large margin, according to data released recently by the Turkish Statistical Institute.


The economy grew by 4 percent in the third quarter of 2015 compared with the same period last year and surpassing market expectations of 2.8 percent. The figure may cause an upward revision to Turkey’s overall annual growth forecast of 3 percent for this year. The country's economic growth rate for the first three quarters of this year was 3.4 percent, while it was 2.9 percent in 2014.


Turkey’s Minister of Finance Naci Ağbal said that the latest figures came amidst a turbulent regional setting and increasing global uncertainties. “With political stability restored by the November 1st elections the real sector and consumer confidence increased rapidly. The high growth performance in the third quarter points to an annual growth rate that could surpass the medium-term program goal of 3 percent,” he said.

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