Turkish economy’s growth rate hits 7.4 pct

ANKARA

Turkey’s economy grew 7.4 percent year on year in the third quarter of 2021, meeting expectations on the strength of retail demand, manufacturing and exports, according to official data announced on Nov. 30.

Gross domestic product (GDP) expanded 2.7 percent compared with the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute (TÜİK) showed.

“Final consumption expenditure of resident households increased by 9.1 percent, government final consumption increased by 9.6 percent, gross fixed capital formation decreased by 2.4 percent in the third quarter of 2021 compared with the same quarter of the previous year,” the institute said in its statement to announce the growth numbers.

“Exports of goods and services increased by 25.6 percent in the third quarter of 2021 compared with the same quarter of the previous year in the chain-linked volume index, imports of goods and services decreased by 8.3 percent,” it added.

The exports’ contribution to Turkey’s economic growth in the third quarter was 92 percent, Trade Minister Mehmed Muş wrote on Twitter.

“Exports will continue to be the driving force of our growth,” the minister added.