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GDP Rises 0.3% QoQ in Q3 (Est: +1.0%)

TURKEY
  • GDP rose 5.9% y/y (Est: +5.3%) in Q3 versus a revised +3.9% in Q2, according to the Turkish Statistical Institute. The quarter-on-quarter figure, however, rose a lower-than-expected 0.3% (Est: +1.0%) compared to a revised +3.3% prior. Among the sub-categories, household consumption, which has recently accounted for about three-quarters of the economy, grew an annual 11.2% in Q3 versus 15.4% in the previous period. Government final consumption expenditure increased 5.3% in Q3, down from 6.1% in Q2.
  • “We will continue our predictable and rule-based policies until inflation and the current-account deficit are permanently reduced and macro-financial stability is achieved,” Simsek said following the release of the data. “We will thus strengthen the foundation for sustainable high growth.”
  • Simsek will speak later in an interview with state-run TRT at 0900GMT/1200 local time. S&P Manufacturing PMI figures for Turkey will be released tomorrow.
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