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Turkish economy grows by 5.9 pct in Q3

Turkish economy grew 5.9 percent year-on-year in the third quarter of 2023, the Turkish Statistical Institute announced Thursday.

It is the 13th consecutive quarter of economic growth since the second quarter of 2020 when the COVID-19 pandemic measures were implemented.

In the third quarter of the year, household consumption made the highest contribution to growth with 7.7 points, followed by investments with 3.4 points, while the contribution of public expenditures remained at 0.7 points, according to the statistics.

Turkish Treasury and Finance Minister Mehmet Simsek said on social media platform X on Thursday that “within the scope of our program’s prediction, we are moving towards a more balanced composition in growth.”

He said the contribution of domestic demand to growth decreased compared to the first half of the year, while the negative contribution of net exports decreased relatively. Private consumption decreased compared to the previous quarter, while investment and exports increased.

“We will continue our predictable and rule-based policies that we implement until a permanent decrease in inflation and current account deficit and macro-financial stability is achieved. We will implement structural reforms to increase productivity,” added the minister. ■

Famagusta Gazette