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Turkish GDP Growth Cools Heading Into Year-End

TURKEY
  • NATO foreign ministers on Tuesday condemned all forms and manifestations of terrorism and expressed their solidarity with Turkey. "We condemn terrorism in all its forms and manifestations and stand in solidarity with Turkey," said a joint statement published on the first day of the NATO foreign ministers meeting in Romania's capital Bucharest.
  • Turkey is seeing impressive numbers in the tourism sector despite the fallout from the global pandemic, said President Erdogan. "Although we paused during the global pandemic period, we are all experiencing the peak point of our country in terms of both the number of tourists and tourism revenues” Erdogan said speaking in Ankara on Tuesday.
  • 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. The economy is set to cool into year-end, as global demand softens against a backdrop of widespread recessionary fears.
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