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Turkish Economy Grew 3.9% on Year in 3Q

By Maria Martinez

 

Turkey's economy grew in the third quarter, but at a slower pace than in the previous quarter.

Turkey's gross domestic product grew 3.9% on year following a revised 7.7% expansion in the second quarter, the country's statistics office Turkstat said Wednesday.

Economists had expected third-quarter growth to decelerate to 4.7%, according to a FactSet poll.

On the domestic front, household consumption increased 19.9% compared with the same quarter of the previous year and government consumption was up 8.5%, while investment fell 1.3%.

On the external front, exports of goods and services rose 12.6% on year, while imports of goods and services increased 12.2%.

The Turkish central bank reduced its benchmark rate to 9% from 10.5% last Thursday, even as inflation reached its highest level in almost 25 years in October. President Recep Tayyip Erdogan favors lower rates as part of an unorthodox strategy to encourage economic growth.

 

Write to Maria Martinez at maria.martinez@wsj.com

 

(END) Dow Jones Newswires

November 30, 2022 02:27 ET (07:27 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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