Turkey’s Economy Grows by 0.9 Percent in 3rd Quarter, Says TurkStat

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The Turkish Statistical Institute (TurkStat) has released the Third Quarterly Gross Domestic Product (GDP) for July-September 2019. Accordingly, the economy of Turkey grew by 0.9 percent in the third quarter of 2019 compared with the same quarter of previous year.

The GDP has also increased by 11.5 percent and reached 1 trillion 145 billion 99 million Turkish Lira (TRY) at current prices.

When the activities which constitute GDP were analyzed; the total value added increased by 3.8 percent in the agricultural sector, by 1.6 percent in the industry sector and decreased by 7.8 percent in the construction sector and increased by 0.6 percent in the services sector compared with the same quarter of the previous year in the chained linked volume index.

Calendar adjusted GDP in the third quarter of 2019 increased by 0.6 percent compared with the same quarter last year. Seasonally and calendar adjusted GDP increased by 0.4% compared with the previous quarter.

Households consumption expenditure on the increase

Final consumption expenditure of resident households and final consumption of non-profit institutions serving households (NPISH) increased by 1.5 percent, government final consumption expenditure increased by 7 percent and gross fixed capital formation decreased by 12.6 percent in the third quarter of 2019 compared with the same quarter of the previous year.

Exports, imports of goods and services on the increase

Exports of goods and services increased by 5.1 percent in the third quarter of 2019 compared with the same quarter of the previous year in the chained linked volume index, imports of goods and services increased by 7.6 percent.

Compensation of employees

Compensation of employees increased by 19.8 percent, net operating surplus/mixed income increased by 6.2 percent in the third quarter of 2019 compared with the same quarter of the previous year.

The share of compensation of employees in the Gross Value Added at current prices was 33.4 percent in the third quarter of 2019 while it was 31.3 percent in the same quarter of the previous year. The share of net operating surplus/mixed income was 49.3 percent while it was 52 percent in the same quarter of the previous year.

(HA/SD)

* Source: TurkStat