World - Europe Updated: November 30, 2022

Turkish Economy Grows By 3.9 Per Cent

By Quadri Adejumo

November 30, 2022

The Turkish economy remained buoyant in the third quarter of this year, official data showed on Wednesday.

The Turkish Statistical Institute (TurkStat) data revealed that gross domestic product (GDP) expanded by 3.9% in the July-September period.

The data from the TurkStat showed that the GDP contracted 0.1% from the previous quarter on a seasonally and calendar-adjusted basis.

Facing slowdown, Turkey’s central bank embarked on an easing cycle between August and November, slashing its policy rate by 500 basis points to 9%.

The Turkish economy bounced back strongly from the COVID-19 pandemic to expand by 11.4% in 2021.

It grew 7.5% in the first quarter and 7.6% in the second, extending its hot streak on strong domestic demand and exports.

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