December 2, 2019 / 7:09 AM / 7 days ago

Turkish economy grows 0.9% y/y in Q3, in line with expectations

ISTANBUL, Dec 2 (Reuters) - The Turkish economy grew 0.9% year-on-year in the third quarter, in line with expectations, breaking three consecutive quarters of contraction as it shook off the effects of recession following last year’s currency crisis.

Compared to the second quarter, gross domestic product (GDP) expanded at a seasonally and calendar-adjusted 0.4% pace, its third positive quarter-on-quarter reading in a row, the Turkish Statistical Institute data showed.

A Reuters poll forecast the economy would expand 1% year-on-year in the third quarter. It also predicted that the economy will grow 0.5% in 2019 as a whole.

The major emerging market economy has a track record of 5% growth, but a near 30% slide in the lira’s value last year pushed up inflation and interest rates, while domestic demand tumbled. (Reporting by Behiye Selin Taner; Writing by Daren Butler; Editing by Dominic Evans)

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