Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Turkey grows below expectations with 1.7 percent in third quarter

by Şeyma Eraz

ISTANBUL Dec 10, 2014 - 12:00 am GMT+3
No Image
by Şeyma Eraz Dec 10, 2014 12:00 am
Turkey's GDP growth rate was 1.7 percent in the third quarter of 2014, according to the latest data released by TurkStat yesterday. This growth rate is also the lowest quarter-based growth since the fourth quarter of 2012, which was 1.4 percent.

Growth expectations for the third quarter were just under three percent. Average GDP growth for the nine-month period was announced as 2.8 percent and reached TL 93.733 billion at constant prices.


Financial and insurance activities increased by 5.2 percent and reached TL 4.208 billion, and the manufacturing industry increased by 2.2 percent and reached TL 7.298 billion in the third quarter of 2014.

Turkey's GDP increased by 10.6 percent and reached TL 461.654 billion at current prices in the third quarter of 2014. GDP growth rates were announced as 4.8 percent for the first quarter, and 2.2 percent for the second quarter of 2014. The growth rate was 4.2 percent in the third quarter of 2013.

Speaking to Daily Sabah, the founder of 3 Göz Consultancy, economist Hikmet Baydar, stated that 1.7 percent growth is worse than expected. Baydar said the rate of capacity utilization had followed a downward trend in the last six months, which actually gave signals of a weaker growth rate, "But it is still below expectations," said Baydar, adding that the reason behind the lower growth is weakness of domestic demand. "Turkey's economy is sensitive to global trends, particularly to exports. Northern Iraq cannot get payments from the central government, and our businessmen face obstacles on exports. The EU places an embargo on Russia, and Russia becomes more sensitive to exchange rate stability, and Turkish goods become more expensive, which in turn becomes a barrier for Turkish exports to rise in Russia," said Baydar. "Even China lowered growth forecasts. With the current global economic situation, the only way out seems to be supporting domestic demand," said Baydar, adding, "Domestic demand can only be supported by encouraging spending by decreasing interest rates."

Commenting on the third quarter growth figures of the Turkish economy, Finance Minister Mehmet Şimşek said: "We guess that the Turkish economy, which grew by 4.1 percent in 2013 as expected, will grow by 3.3 percent in 2014 with a slight slowdown. The growth of 1.7 percent for the third quarter is close to the 2.2 percent we anticipated. This deviation stems from shrinkage in the agricultural sector. Therefore, the growth figure that we estimated in the Medium Term Program is still realistic."
  • shortlink copied
  • Last Update: Dec 10, 2014 5:27 pm
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    New York City to stop homeless people staying on subways
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021