Turkish economy hit 5.9% growth in Q3

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's gross domestic product (GDP) rose 5.9% in the third quarter of this year, the country's statistical authority said on Thursday.

According to the Turkish Statistical Institute (TurkStat), the country's GDP totaled 7.68 trillion Turkish liras ($295.8 billion) at current prices this July-September.

"The value added increased by 8.1% in construction, 5.7% in (the) industry sector, 5.1% in financial and insurance, 4.3% in services, 3.6% in public administration, education, human health and social work activities, 2.7% in real estate activities, 2.2% in other service activities, 1.7% in information and communication and 0.3% in agriculture, forestry and fishing," TurkStat said.

TurkStat said over the same period final consumption expenditures of resident households rose 11.2%, government final consumption expenditures 5.3%, and gross fixed capital formation 14.7%.

Imports of goods and services soared 14.5% while exports of goods and services climbed 1.1% year-on-year in the third quarter.

Earlier this year the Turkish economy grew 4% in the first quarter and 3.9% in the second, while last year it racked up growth of 5.5%.