Turkey’s economy grew faster than expected in the third quarter of the year to 5.9% of GDP, according to data just released by the Turkish Statistical Institute. “We are seeing the positive effects on financial markets of the disinflation programme we are implementing,” said Turkish Finance Minister Mehmet Şimşek speaking on the economic growth data, highlighting the increase in investor confidence and foreign capital flows, as foreign exchange reserves grow and the volatility of the Turkish lira has been reduced.
“We are moving towards a more balanced growth of the economy, in line with the predictions of our programme,” added Şimşek, who stressed that while private consumption has slowed compared to the previous quarter (up 11.2% year-on-year, compared to 15.4% in Q2), investments and exports have increased. Sectors such as construction, which grew by 8.1% compared to 6.6% in the previous quarter, and industry, which after contracting by 2.7% in the second quarter grew by 5.7% in the period from July to September, stand out. In its latest report, the OECD forecasts that Turkey’s economy will grow by 4.5% this year.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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