Turkish economy grows 3.9% in 3rd quarter

Türkiye's economy grew 3.9% in the third quarter of 2022 on a yearly basis, official figures showed on Wednesday.

The country's gross domestic product at current prices reached 4.26 trillion Turkish liras ($241.5 billion) in the July-September period, the Turkish Statistical Institute (TurkStat) said.

An Anadolu Agency survey this week predicted that the country's economy would grow 3.9% in the third quarter.

The country's economy expanded 7.5% and 7.7%, respectively, in the first and second quarters, and 11.4% in 2021.

TurkStat said the value added increased by 21.6% in financial and insurance, 13.9% in information and communication, 12.6% in professional, administrative and support service activities, 7.6% in public administration, education, human health and social work activities, 6.9% in services, 4.9% in other service activities, 4.1% in real estate activities, 1.1% in agriculture, forestry and fishing activities and 0.3% in industry respectively, while construction sector decreased by 14.1%.

It said that the final consumption expenditures of resident households rose by 19.9%, and government final consumption was up by 8.5% in the third quarter on a yearly basis.

Over the same period, exports of goods and services soared by 12.6%, TurkStat added.

Turkish President Recep Tayyip Erdoğan said at a meeting of the Justice and Development (AK) Party that it is essential that Türkiye continue its growth at a time when recession fears are increasing.

"Hopefully, we will make a good start to 2023 by closing 2022 at a record level," he stressed.

He added that being among the top five countries in G-20 with its GDP growth rate showed that Türkiye is getting stronger.

Noting that the nine-month GDP growth rate was at 6.2%, Nureddin Nebati, the Turkish treasury and finance minister, said: "We will be one of the strongest growing countries this year, closing the year with a growth rate of around 5%, as we predicted in the medium-term program."

Mahmut Asmali, the head of the Independent Industrialists' and Businessmen's Association (MUSIAD), said Türkiye ranked 4th after Saudi Arabia, Indonesia and Mexico among the G-20 countries whose data have been announced.

"We strongly believe that the Turkish economy will continue to rise on the shoulders of our industrialists in 2023 … and in this context, the production, export and employment-oriented growth process of our national economy will continue in the upcoming period as well," he added.