UPDATE - Türkiye's economy expands 3.7% year-on-year in Q3

UPDATES WITH STATEMENT FROM TREASURY AND FINANCE MINISTER

By Mucahithan Avcioglu

ISTANBUL (AA) - The Turkish economy has grown by 3.7% year-on-year in the third quarter of this year, official data from the Turkish Statistical Institute (TurkStat) showed on Monday.

Gross domestic product (GDP) at current prices surged 41.6% to 17.42 trillion Turkish liras ($409.6 billion) in July-September.

In the second quarter of 2025, the Turkish economy expanded by 4.9% year-on-year, and by 2.5% in the first quarter.

Last week, economists participating in the survey by Anadolu predicted that the GDP growth rate of the country would be 3.97% in the third quarter.

For the whole year, economists predicted that the Turkish economy would grow 3.49%.

On a quarterly basis, Türkiye's GDP increased by 1.1% in the three months to September, down from 1.6% in the previous quarter.

*** Commenting on the data, Türkiye's Finance Minister Mehmet Simsek stated that annual growth in the first nine months was 3.7% and the annualized national income exceeded $1.5 trillion.

*** “We anticipate that growth will remain moderate in the last quarter and will slightly exceed the Medium-Term Program in 2025,” Simsek said in a statement.

*** Simsek emphasized that they expect the increase in economic activity to be more positive in 2026 than this year, thanks to more favorable financial conditions and a supportive global economic climate.

*** "We assess that growth will continue to support the decline in inflation," he added.