Turkey economy grows %11.1 in third quarter 2017

[damm1t]

Turkey's economy grew by a strong 11.1 percent in the third quarter of 2017 compared to the same period last year, official statistics showed on Monday, with the high reading driven by one-off effects as well as resilient output.

The figure was even well above the consensus market forecast, which had been for 10.0 percent growth.

The economy had grown by 5.3 percent in the first quarter and 5.4 percent year-on-year in the second, according to revised figures.

Growth was driven by construction and services as well as a strong rise in exports, official data published by the Turkish Statistics Institute (TUIK) showed.

Turkish President Recep Tayyip Erdogan said last month that "no one should be surprised" if Turkey's end-of-year growth for 2017 was around 7.0 percent.

Analysts said ahead of the data release the third quarter figure would be particularly strong as the comparative period in 2016 was especially weak due to the effects of the July 15 failed coup and a long religious holiday.

However underlying growth is still seen as strong, largely due to a boom in construction driven by high government spending and cheap credit.

The economy grew by 1.2 percent in the third quarter from the second quarter on a seasonally-adjusted basis, the TUIK said.

QNB Finansbank Research said before the announcement that its end of year forecast was for 6.3 percent GDP growth but added the risks on that estimate "are currently skewed to the upside".

The figures are likely to be welcomed by the government but come with signs Turkish economic policymakers need to tread carefully.



Inflation in November hit its highest annual rate in 14 years at 12.98 percent. The Turkish lira has also taken a battering, losing 13.5 percent of its value against the US dollar since September.

The lira hit a record low of 3.97 against the greenback last month but the currency has rallied slightly since.

Ahead of the data release on Monday, the lira rose in value to 3.82 to the dollar after it ended on Friday at 3.83.

@ValerioAurelius ... Our economy collapsing

 

[Killuminati]

Why not? Turkey's geographical position is very beneficial for world trade.

 

[Maxpane]

well done turkey

 

[yesboss]

Great going Turkey

 

[Adıvar]

Enemies of Turkey on job...? Or nobody buys it?

https://twitter.com/x/status/940144359697154049

 

[OguzSenturk]

This figure is not "Second quarter to third quarter" growth.

This figure is "Third quarter of 2016 to third quarter of 2017" growth, and Turkish economy reduced during third quarter of 2016 due to Fethollah islamist terror organisation's coup attemp.

I mean, this figure is not "glorious" victory or "bad performance", but what it supposed to be if we take yearly growth as %5-6. This just shows main shock wave came from Fethollah scum is absorbed well, but the real test will be seen after few years.

 

[bedbin]

LOL only akp boys believe that. Turkey's economoy is not growing but collapsing.

 

[xenon54 out]

Well 11 pct. is realistic if its calculated in Lira but that doesnt change the fact that dollar based growth, which is the more important scale since its more stable than Lira, will be worse.

I think its to show things better than it is actually.

 

[Deliorman]

Some quick facts:

Unemployment in Turkey is above 10% (in reality much higher because a lot of women are not counted in the statistics).

The Turkish lira lost 30% of it’s value in less than a year.

Inflation in November is at 13%.

The foreign trade deficit will be above 50$ billion by the end of the year.

The yield on the Turkish 10 year bonds is around 12% (in the other big economies in Europe that percent is below 1%).

The private debt of the Turkish households amounts to 160% of Turkey’s GDP.

So tell me does that look like a sustainable economic model where people are prospering and living better?

 

[OguzSenturk]

The Turkish lira lost 30% of it’s value in less than a year.

This was true for 2016, not 2017.

In fact, between mid-January and mid-December, TL actually gained value Usd was 3.88₺ back in days.

But this value gain is not a "victory" or such, that's just removing coup's effects which is natural. Current account deficit will hurt TL more in next 2-3 years and TL will keep losing value each year.

 

[Muhammed45]

Good news, wish the bests

 

[Bismarck]

What is Turkeys trading volume with China (import/export)?

 

[OguzSenturk]

Total trade turnover was $28 billion in 2016, probably will reach $30billion in 2018.

 

[Bismarck]

Total trade turnover was $28 billion in 2016, probably will reach $30billion in 2018.

How much import and how much export?

 

[TurkeyForever]

How much import and how much export?

http://www.mfa.gov.tr/turkey_s-commercial-and-economic-relations-with-china.en.mfa

https://atlas.media.mit.edu/en/profile/country/tur/

Turkey is the 25th largest export economy in the world. In 2016, Turkey exported $139B and imported $188B, resulting in a negative trade balance of $49.1B. In 2016 the GDP of Turkey was $857B and its GDP per capita was $24.2k.

The top exports of Turkey are Cars ($8.32B), Gold ($8.25B), Delivery Trucks($4.57B), Vehicle Parts ($3.81B) and Jewellery ($3.75B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Cars ($9.8B), Unspecified ($9.6B), Refined Petroleum ($7.34B), Gold ($6.45B) and Vehicle Parts ($5.09B).

The top export destinations of Turkey are Germany ($14B), the United Kingdom ($11.7B), Iraq ($7.64B), Italy ($7.58B) and the United States($6.62B). The top import origins are Germany ($24.9B), China ($16.7B), Russia ($13.7B), Italy ($10.6B) and the United States ($9.4B).