Skip to content Skip to Search
Skip navigation

Turkey’s GDP grows 5.9% on strong household spending

'We are committed to do whatever it takes to take Turkey out of the grey list' said Turkey's finance minister Mehmet Şimşek Reuters
'We are committed to do whatever it takes to take Turkey out of the grey list' said Turkey's finance minister Mehmet Şimşek

Turkey’s economy grew by 5.9 percent in the third quarter of 2023 – the highest since the second quarter of last year – driven by strong household spending.

Gross domestic product (GDP) reached 7.68 trillion liras ($295.82 billion) at current prices, data from the Turkish Statistical Institute revealed.

The construction and industrial sectors rose by 8.1 percent and 5.7 percent, respectively. The agriculture sector expanded by just 0.3 percent, the data said.

Household expenditure increased by 11.2 percent. Imports of goods and services jumped 14.5 percent year on year, while exports of goods and services rose 1.1 percent year-on-year.

Quarter on quarter, GDP expanded 0.3 percent on a seasonally and calendar-adjusted basis.

In a televised interview, finance minister Mehmet Şimşek said that the growth remains “strong” but there is a possibility of a slowdown in the coming period.

The GDP data stands in line with predictions in the medium-term programme for 2023, he added.

The minister reiterated that the top priority was disinflation and ensuring price stability.

S&P Global Ratings on Thursday announced it planned to revise Turkey’s sovereign credit outlook to positive from stable, reaffirmed its rating at “B.”

Latest articles

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

Opec Secretary General Haitham Al Ghais says peak oil 'is not on the horizon'

Upstream oil and gas ‘needs more annual investment’

Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […]

Rothschild Saudi

Edmond de Rothschild to run funding vehicle for Saudi projects

The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country.  Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […]

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]