Türkiye’s economy grew by 2.1 percent
reported by %20%0A
The Turkish economy has cooled in the face of a monetary tightening campaign that began in June 2023, with the central bank raising rates from 8.5% has increased to 50%.
In a Reuters poll, economic growth forecast for this quarter was 2.6 percent due to slow domestic demand. The growth of the whole year is 3% based on the average Reuters poll and the government’s forecast is 3.5%.
New data showed that service-related activities contributed to overall GDP contraction in the third quarter, while construction and financial services remained up year-on-year.
The annual growth in the second quarter also decreased from 2.5% to 2.4%. Türkiye’s GDP growth trend has been between 4 and 5 percent in recent years, although this rate has decreased during 2024.
