Turkish GDP grows double digits, fastest-growing in G20

Turkey became the fastest-growing economy among G20 countries after clocking in with 11.1 percent growth in the third quarter of 2017, the Turkish Statistical Institute (TurkStat) reported on Monday.

Monday’s report makes the country's growth the fastest among the world’s 20 largest economies and marks the third consecutive quarter where annual expansion topped 5 percent. China came in second with 6.8 percent and India was third with 6.3 percent among all G20 countries.

The figure easily exceeded analysts’ consensus estimates of 9.2 percent, the fastest quarter growth rate since 11.4 percent in the first quarter of 2011.
Turkey’s economy grew 5.2 percent in the first quarter of this year and 5.1 percent in the second quarter, according to TurkStat.

Turkish officials previously said the country would achieve annual economic growth of 6 to 7 percent by the end of the year.

Performance in the third quarter pushed up cumulative GDP, reaching 827.2 billion Turkish liras ($216 billion) in current prices, with GDP annualized at $844 billion, TurkStat added.

The growth was triggered by domestic demand, including accelerated investment support by the government and strong contributions from exports.

source: AA

12.12.2017