According to the Turkish Statistical Institute (TurkStat), from July to September, the country's gross domestic product (GDP) reached 1.15 trillion. lira (201.9 billion dollars). The indicator increased by 11.5% from 1 trillion. the lira in the same quarter last year.
The Minister of Finance and Finance Berat Albayrak revised the data on economic growth, noting that the indicators for the fourth quarter above average show that the Turkish economy continues its growth trend. "To achieve the 5% growth target, we will focus on increasing value added in industry, accelerating the return on investment and strengthening the manufacturing and employment sectors," Albayrak said. "The annual growth of the industry is important against the background of lower costs due to the indicators of the reporting period, increased confidence indicators and the impact of the transformation process," the minister said.
Financial analysts confirmed that the growth data for the third quarter is in line with market expectations, stressing that the Turkish economy could grow by 5% or more in the last quarter. It was found that the sustainability of growth will depend on the degree of monetary policy softness and the degree to which banks support credit expansion, as well as on external demand conditions. According to experts, with the onset of the base effect in the third quarter of this year, economic growth will significantly improve, and with favorable framework conditions supported by the base effect and growth dynamics, it is expected that the growth rate will reach 5% in the last quarter. quarter.
Recall that the new economic program, announced on September 30, provides for an annual increase of 5% over each of the next three years.
Minister of Industry and Technology Mustafa Varank also stressed the role of stimulating domestic demand in economic growth. Varank said that industrial production and orders, capacity utilization and confidence in the economy have risen sharply. "We are making every effort to achieve higher production growth rates," he added.
The sectoral breakdown of economic activity in the third quarter shows that total value added in agriculture increased by 3.8%, in industry by 1.6% and in construction by 7.8%. Value added in the services sector - wholesale and retail trade, transport, storage, housing and catering - increased by 0.6% over the same period.
In addition, according to the Central Bank of the Republic of Turkey (CBR), consumer confidence in Turkey is growing and in November increased by 5.2% to 59.9 points. At the same time, the manufacturing industry used 77.2% of its capacity in November, which is the highest figure in the last 15 months.
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