Daily Sabah :
Türkiye’s economy expanded at a less-than-expected pace in the third quarter, official data showed on Friday, as demand ebbed, especially in the services sector, under the weight of tight monetary policy.
The July-September gross domestic product (GDP) grew by 2.1%, the Turkish Statistical Institute (TurkStat) said, compared to market expectations for a 2.6% expansion due to weaker domestic demand.
The major emerging market economy has cooled in the face of a monetary tightening campaign that began in June 2023. The central bank has since hiked rates to 50% from 8.5% in order to lower inflation.
Treasury and Finance Minister Mehmet said growth during the disinflation process is following a moderate and balanced course, as predicted.
