Turkish Economy Recovers In Q3

Turkey's economy returned to growth in the third quarter after shrinking for three straight quarters, data from the Turkish Statistical Institute showed Monday.

Gross domestic product climbed 0.9 percent on a yearly basis in the third quarter, in contrast to a 1.6 percent decline in the second quarter. However, this was slower than the expected growth of 1.1 percent.

The expenditure-side breakdown of GDP showed that the recovery was driven by domestic consumption. Household expenditure rebounded 1.5 percent and government spending climbed 7 percent. Meanwhile, gross fixed capital formation fell 12.6 percent.

Exports and imports increased 5.1 percent and 7.6 percent, respectively.

Calendar adjusted GDP climbed 0.6 percent year-on-year in the third quarter.

On a quarterly basis, the economy grew 0.4 percent but slower than the 1 percent expansion seen a quarter ago.

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