Turkish economy slows down - Expands by 3.7% in the third quarter of the year
Turkey's economy grew 3.7% in the third quarter from a year earlier, official data showed, as the pace of expansion slowed as agricultural activity fell. Tight monetary policy and a slowdown in demand also weighed on the performance.
Third-quarter gross domestic product (GDP) increased by 1.1% compared to the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute (TurkStat) showed.
The negative impact on economic activity in the July-October quarter came from the agriculture, forestry and fishing sector, which contracted by 12.7%. Meanwhile, construction sector activity increased by 13.9%.
In a Reuters poll, the economy was forecast to grow by 4.2% in the third quarter.
“We expect growth to remain moderate in the final quarter and to slightly exceed the Medium-Term Program in 2025,” Finance Minister Mehmet Simsek said in a statement. In the program, the government’s growth forecast for 2025 is 3.3%.
"More favorable financial conditions and a supportive global environment are expected to drive stronger economic activity in 2026 compared to this year," Şimşek said.
In December last year, the central bank began cutting interest rates after keeping them unchanged for eight months. Since July, the central bank has cut rates by 650 basis points to 39.5%.
Inflation has fallen to around 33%, from 75% in May last year.
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