Türkiye’s Economic Growth Slows to 3.9% in Q3 as Foreign Demand Falls

A slow shutter speed exposure of people walking in the famous touristy Eminonu Square with Galata tower (R) in the background during the sunset in Istanbul, Türkiye, 28 November 2022. (EPA)

Türkiye’s economy expanded 3.9% in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong.

Gross domestic product (GDP) contracted 0.1% from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed, marking the first contraction since the height of the COVID-19 pandemic in the second quarter of 2020.