Turkish economy grows 4 percent in Q3 beats forecasts
Date
12/11/2015 1:22:54 PM
(MENAFN- The Peninsula) File picture for representation only
ISTANBUL: Turkey's economy grew ahigher-than-expected 4.0 percent year-on-year in the thirdquarter official data showed on Thursday in a boost to thegovernment after expectations of a second-half growth slowdown.
Deputy Prime Minister Mehmet Simsek who is in charge of theeconomy said the growth was driven by private sector demand andforecast that next year would be "much better" as reforms areenacted and growth potential increases.
The growth exceeded a Reuters poll forecast of 2.8 percentand outstripped expansion of 3.8 percent in the second quarter.
The ruling AK Party founded by President Tayyip Erdogan wona convincing victory in a Nov. 1 parliamentary election winningback the single-party rule it had lost in June and reducing
political uncertainty.
The lira which has lost around 20 percent ofits value against the dollar this year firmed to 2.9127 from2.1975 before the data. The main share index rose 0.53percent.
Output grew 1.3 percent from the previous quarter on aseasonal and calendar-adjusted basis the Turkish StatisticsInstitute data showed.
There was also a mildly positive surprise on the currentaccount deficit generally a weak spot of the economy whichcame out at $133 million in October below an expected $200million.
Reuters