Turkey: GDP grows 0.9% in Q3 2019

Turkey: GDP grows 0.9% in Q3 2019

The Turkish Statistical Service (TUIK) announced on Monday an increase of GDP by 0.9% in the third quarter July-September 2019 compared to 2018.

In addition, TurkStat revised its data for the first and second quarter of 2019.

In the third quarter of this year, the added value of the agricultural sector as a volume index increased by 3.8%, the industrial sector increased by 1.6% and the construction sector decreased by 7.8% compared to the corresponding period last year. The value added of the services sector, which comprises all commerce, transport, lodging and catering activities, increased by 0.6%.

According to the sectors of economic activity, the highest growth rate at current prices was observed in the sector “Agriculture, forestry and fisheries” with 30.5%.

Final consumption expenditure by households and non-profit organizations increased by 1.5% in the third quarter of the year compared to the same quarter last year. While the state’s final consumer spending increased by 7%, gross fixed capital formation declined by 12.6%.

Exports of goods and services increased by 5.1% in the third quarter of the year as an indicator of chain volume and 7.6% in imports compared to the same quarter last year.

In the third quarter of the year, payments for employment increased by 19.8% and net operating surplus/gross income by 6.2% compared to the corresponding quarter last year.

The share of labor payments in gross added value at current prices was 31.3% in the same quarter last year, compared to 33.4% in the third quarter of this year. The share of net operating surplus/gross income decreased from 52% to 49.3%./ibna