Turkey Q3 GDP Growth Improves To 5.9%

(RTTNews) - Turkey's economic growth quickened in the third quarter, mainly due to higher household consumption and investment levels, data from the Turkish Statistical Institute showed on Thursday.

Gross domestic product advanced 5.9 percent year-over-year in the third quarter, well above the 3.9 percent rise in the second quarter.

Further, this was the fatest rate of growth since the second quarter of 2022.

Among expenditure components, final consumption of resident households grew sharply by 11.2 percent over the year, and government final consumption rose by 5.3 percent.

Gross fixed capital formation, or investments, surged by 14.7 percent from a year ago. Both exports and imports rose by 1.1 percent and 14.5 percent, respectively.

On a quarterly basis, GDP growth moderated to 0.3 percent in the third quarter from 3.3 percent in the second quarter.