Bloomberg News

Turkish Economy Grows Faster-Than-Expected 8.2% in Third Quarter

December 12, 2011

Dec. 12 (Bloomberg) -- Turkey’s economy grew a faster-than- expected 8.2 percent in the third quarter from a year earlier.

Growth slowed from 8.8 percent in the second quarter, the statistics office in Ankara said on its website today. It was expected to grow 6.3 percent, according to the median estimate of nine analysts questioned by Bloomberg.

The debt crisis in Europe, which buys about half of Turkey’s exports, has contributed to a slowdown in output and spending in the $750 billion economy. Industrial production expanded at an average annual of 6.5 percent annually in the third quarter, compared with 7 percent in the second. Consumer confidence declined to 93.7 in September from 96.4 in June.

There will “probably be a further slowdown over the coming few quarters, as final domestic demand loses further momentum and inventory levels pick up,” Goldman Sachs economists including Ahmet Akarli in London said in an e-mailed report before the data was published. “We continue to expect the economy to go through a technical recession during late 2011 and early 2012.”

The economy expanded 1.7 percent on a seasonally adjusted basis from the previous three months, the statistics agency said.

--Editor: Ben Holland.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net; Emre Peker in Istanbul at epeker2@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus