Turkish economy grew by 5.9 percent in the Q3

Türkiye's economy grew by 5.9 percent in the third quarter of the year compared to the same period last year.

According to TUIK data, quarterly growth was announced as 0.3 percent.

Final consumption expenditures of resident households increased by 11.2 percent in the third quarter of 2023 compared to the same quarter of the previous year. Final consumption expenditures of the government increased by 5.3 percent and investments by 14.7 percent.

Imports of goods and services increased by 14.5 percent in the third quarter of 2023, while exports grew by 1.1 percent.

Domestic demand made the highest contribution to growth

In the third quarter of the year, household consumption made the highest contribution to growth with 7.7 points. Household consumption was followed by investments with 3.4 points. The contribution of public expenditures to growth remained at 0.7 points.

In the third quarter, net exports reduced growth by 2.6 points, while inventories had a negative impact of 3.2 points.