2020.11.3008:03:00UTC+00Turkish Economy Recovers In Q3

The Turkish economy recovered in the third quarter, data from the Turkish Statistical Institute showed Monday.

Gross domestic product grew 6.7 percent year-on-year in the third quarter, reversing the 9.9 percent fall a quarter ago. This was the fastest growth since the first quarter of 2018 and better than the economists' forecast of 4.8 percent.

Calendar-adjusted GDP advanced 6.5 percent from the same period of the previous year.

On a quarterly basis, GDP surged 15.6 percent after easing 10.8 percent in the second quarter.

The expenditure-side breakdown of GDP showed that government spending climbed 1.1 percent annually and household consumption gained 9.2 percent. Gross fixed capital formation grew sharply by 22.5 percent.

At the same time, exports of goods and services declined 22.4 percent, while imports of goods and services climbed 15.8 percent.

Another report from the statistical office showed that exports increased 5.6 percent annually and imports advanced 8.4 percent. As a result, the trade deficit widened to $2.37 billion from $1.76 billion last year.

During January to October, exports decreased 9.1 percent, while imports climbed 2.2 percent from the previous year. The trade shortfall totaled $40.27 billion.