Turquía PIB - Tasa de crecimiento anual

Turkey's GDP grew by 2.1% year-on-year in Q3 2024, marking the slowest expansion since the contraction in Q2 2020, as high interest rates continue to weigh on the economy. It follows a downwardly revised 2.4% growth in Q2 and compares with forecasts of 2.6%. Gross capital formation shrank 0.8%, the first decline in two years (vs 0.8% in Q2) and government expenditure contracted the most since Q1 2021 (-0.9% vs -0.4%). Also, exports growth slowed and imports shrank much more (-9.6% vs -5.8%). On the other hand, household spending increased at a faster pace (3.1% vs 1.5%). Compared to the previous quarter, GDP contracted by 0.2%, matching the revised 0.2% decline recorded in Q2. This marks the first time since 2018 that the economy has shrunk for two consecutive quarters.