Third-quarter growth data to be released

Third-quarter growth data to be released

Third-quarter growth data to be released

The GDP growth data for the third quarter, as well as foreign trade statistics and the economic confidence index, will be released later this week.

The Turkish Statistical Institute (TÜİK) will announce the growth data for the July-September period on Nov. 30.

The Turkish economy expanded by 7.6 percent year-on-year in the second quarter after growing 7.5 percent in the three months through March. The quarterly growth accelerated from 0.7 percent in the first quarter to 2.1 percent in the April-June period.

The government expects a GDP growth of 5 percent this year and next. It forecasts 5.5 percent growth rates for 2023 and 2024.

Last week, the Organization for Economic Co-operation and Development (OECD) upgraded its economic growth forecast for the Turkish economy for 2022 to 3.7 percent from a previous 3.3 percent.

TÜİK will also release the foreign trade statistics for October on Nov. 29. The authority reported last month that Türkiye’s exports grew by 9.2 percent year-on-year to $22.6 billion, while imports rose by 38 percent to $32.2 billion. The foreign trade gap widened more than 268 percent from October 2021 to $9.6 billion.

In January-September, exports amounted to $118 billion, up 17 percent. Imports rose 40 percent to $271 billion, bringing the foreign trade deficit to $83 billion, rising 156 percent from a year ago.

The economic confidence index for November will also be released later this week. The index, which remained unchanged in September, advanced 3 percent month-on-month to 97.1 in October.