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Economic growth of 6.7% in Turkey for 3rd quarter

Turkey recorded economic growth of 6.7 percent year-on-year in the third quarter of 2020, the Anadolu Agency said, citing data from the Turkish Statistical Institute.
The country's gross domestic product at current prices amounted to 1.4 trillion Turkish lirs/197.4 bln/ in the July-September period.

The data is well above forecast in the markets, the agency said, citing expectations for growth of 5 per cent this quarter of 17 economists surveyed. In the same Anadolu Agency survey, economists forecast economic growth of 0.3 per cent for 2020, though new third-quarter data could shift the trend upside.

Turkey's new economic programme also expects GDP growth of 0.3 percent this year and 5.8 percent next year, BTA said.

In the first quarter, the Turkish economy grew by 4.5 percent and in the second, under the influence of coronavirus, contracted 9.9 percent.

Compared to the previous quarter, GDP grew 15.6 percent in the July-September period taking into account seasonal factors, TurkStat data showed.

The largest growth in the third quarter on an annual basis was reported in the financial and insurance sector /41,1 per cent/. In the agriculture sector growth is 6.2 per cent, in industry - 8 per cent, in construction - 6.4 per cent.

Turkey's exports rose 5.6 percent in October on an annual basis to a value of $17.33 billion, the Anadolu Agency reported, citing the Turkish Statistical Institute.

Imports also increased 8.4 percent to $18.7 billion in the same month compared to October 2019.

The foreign trade deficit was of $2.37 billion or 34.4 per cent higher on an annual basis.

The manufacturing sector has the largest share of exports — 94.8 percent of Turkey's total exports in October. The share of high-tech products in total Turkish exports for the month is 3.5 percent, or 3.4 percent more than October.

The country's main foreign trade partner last month was Germany, where Turkey exported $1.6 billion worth of production and imported $2.26 billion worth of goods from it.

Meanwhile, it became clear that Turkey's exports in the first ten months of the year were worth $135.6 billion, which is 9.1 per cent less compared to the same period in 2019, while imports were worth $175.9 billion or 2.2 per cent more on an annual basis.

The reported foreign trade deficit is 76.2 percent larger than in the first ten months of last year, the cited data showed.