TurkStat: Turkey's economy grew by 6.7 percent in third quarter

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Turkey's economy registered a growth rate of 6.7 percent in 2020's third quarter despite the novel coronavirus outbreak, according to data the Turkish Statistical Institute (TurkStat) released today (November 30).

The country's gross domestic product (GDP) at current prices stood at 1.4 trillion Turkish liras (197.4 billion US dollars) in July-September, TurkStat said.

GDP targets in the program are 702 billion dollars for 2020 and 735 billion dollars for the next year.

The country's GDP expanded 4.5 percent in the first quarter of 2020 and narrowed by 9.9 percent in the second due to the pandemic's effects on the economy.

Compared to the previous quarter, seasonally and calendar adjusted GDP rose by 15.6 percent in July-September, the TurkStat data showed.

Value added increased the most among financial and insurance activities constituting gross domestic product with 41.1 percent annually in the third quarter.

The figures rose 6.2 percent in the agriculture sector, 8 percent in industry and 6.4 percent in construction during the same period.

The services sector's value added -- wholesale and retail trade, transport, storage, accommodation and food service activities -- climbed marginally by 0.8 percent on a yearly basis as it was hit hardest by the novel coronavirus pandemic.

Government final consumption expenditure grew 1.1 percent, while gross fixed capital formation jumped 22.5 percent in the third quarter of 2020 compared with the same quarter of the previous year.

The final consumption expenditures of resident households gained by 9.2 percent in the same period, TurkStat said. (HA/VK)