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Q3 GDP Sees Marginal Contraction

MNI (London)

TURKEY Q3 2022 GDP -0.1% Q/Q (FCST -0.5%); Q2 2022 +1.9%r Q/Q
TURKEY Q3 2022 GDP +3.9% Y/Y (FCST +4.4%); Q2 2022 +7.7%r Y/Y

  • The Turkish economy dipped into contraction at -0.1% q/q in Q3, remaining more robust than expectations of a -0.5% q/q contraction. This follows the +1.9% q/q growth recorded in Q2.
  • Annualised growth remained buoyant at +3.9% y/y, albeit slowing substantially from +7.7% y/y in Q2.
  • Q3 GDP was boosted by financial and insurance activities, information communication, and other services activities, whilst industry close-to stalled compared to last year at +0.3% and construction contracted sharply at -14.1% y/y.
  • The economy is set to cool into year-end, as global demand softens against a backdrop of widespread recessionary fears.

Source: Turkstat

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