Turkey's GDP rises 7.4% year-on-year in Q3

Turkey's gross domestic product (GDP) increased 7.4% in the third quarter of 2021 compared with the same period last year, the Turkish Statistical Institute (TurkStat) announced on Tuesday.

The total value of goods produced and services provided at current prices stood at 1.9 trillion Turkish liras ($225.5 billion) this July-September, TurkStat said.

The figure, however, was below market forecast as a group of 18 economists polled by Anadolu Agency last week projected an average year-on-year growth of 8.1% in the third quarter.

The economists also estimated that Turkey's annual GDP in 2021 would grow 10% on average.

Compared to the previous quarter, the country's GDP rose 2.7% in the third quarter.

The Turkish economy grew 21.7% in the second quarter this year, the highest annual growth rate since 1999.

The government projects Turkey's economy to grow 9% this year under the medium-term economic program for 2022-24.

Value added increased the most among professional, administrative, and support service activities constituting gross domestic product, up 25.4% on an annual basis in the third quarter.

The figures rose 22.6% in information and communication, 20.7% in services and 10% in the industry during the same period.

"The value added decreased by 19.9% in financial and insurance activities, 6.7% in the construction sector and 5.9% in agriculture, forestry and fishing," it added.

Government final consumption expenditure climbed 9.6%, while gross fixed capital formation increased 2.4% in the third quarter of 2021 compared with the same quarter of the previous year.

The final consumption expenditures of resident households surged 9.1% in the same period, TurkStat said.