Turkey’s GDP growth rate in the third quarter of 2024 slowed to 2.1 percent in annualized terms after climbing 2.4 percent a quarter earlier, the country’s statistical institute (TurkStat) said. This is the worst performance since the second quarter of 2020, when Turkey recorded a contraction in GDP at the height of the coronavirus pandemic. Analysts surveyed by Trading Economics had on average forecast growth of 2.6% in July-September.
Consumer spending rose 3.1% last quarter. Meanwhile, government spending fell by 0.9%, the fastest pace since the first quarter of 2021, and business investment fell by 0.8%, registering a negative trend for the first time in two years.
Exports rose just 0.8% in July-September, while imports fell 9.6%.
Turkey’s GDP contracted by 0.2% in the third quarter relative to the previous three months. The revised data also showed a 0.2% contraction in April-June, while a 0.1% rebound was previously reported.
Turkey’s economy has not contracted for two consecutive quarters on a quarter-on-quarter basis, which meets the technical definition of a recession, since 2018.
Earlier Experts Club think tank and Maxim Urakin released a video analysis of how the GDPs of countries around the world have changed in recent years, more video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3.
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