Turkish Business World Evaluates Growth Figures

(MENAFN- AzerNews) After the Turkish Statistical Institute (TUIK) announced the gross domestic product (GDP) results for the third quarter of this year (July-September period), business world representatives evaluated the data.

Stating that it is important for the industry, which made a negative contribution to growth in the previous quarter, to turn positive again, Avdagiç said: "Although the highest contribution to growth came from consumption, we observed a significant slowdown in this contribution. We find this valuable as it gives signs of balancing in the economy, in line with the targets of the new program. On the other hand, the contribution of net foreign demand to growth decreased in the third quarter as well, due to the effect of the slowdown in the main export markets. However, we expect the negative contribution of net foreign demand to growth to decrease in the coming periods due to the slowdown in imports in recent months. We do not view growth as a data reduced to just numbers. In addition to growth, we attach great importance to social welfare. Therefore, while fighting inflation on the one hand, we also expect production, employment and we believe that policies prioritizing exports should be carried out in balance."

Mahmut Asmalı, Chairman of the Independent Industrialists' and Businessmen's Association (MÜSİAD), stated that the Turkish economy, which grew by 4 percent and 3.9 percent respectively in the first two quarters of the year, gained momentum in the third quarter and grew by 5.9 percent.

"Thus, while the positive growth trend in our national economy continued for the 13th consecutive quarter, Turkiye had the highest growth performance among the G20 countries in this period," he said.

Emphasizing that the Turkish economy continues its steady march on the positive growth path with firm steps, Asmalı commented that the increase in the growth rate of the Turkish economy as "admirable" in such a period when Turkiye, along with the leading economies, is facing the inflation problem and is in the process of monetary tightening.

Asmalı described the fact that domestic demand increased growth by 8.4 points in the third quarter of the year, as well as a 3.4-point contribution from investments, as a pleasing development for the real sector and made the following evaluations:

"The contribution of net foreign demand to growth, unfortunately, was 2.6 points in a negative direction, as imports increased faster than exports in the third quarter. The increase in all activities that make up GDP was a very important development in terms of showing that growth spread to all sectors in the third quarter. The expansion of the services sector by 4.3 percent, the industrial sector by 5.7 percent, the agricultural sector by 0.3 percent and the construction sector by 8.1 percent on an annual basis during the period indicated an overall growth. We stated that it will be one of the best-growing countries and that it will achieve a growth performance above the world average. The figures announced today confirm how justified our confidence in our national economy is. The growth performance of 5.9 percent is expected to reach the end of the year in 2024. It will also be a great source of motivation for us. On this occasion, as representatives of the real sector, we reiterate our belief that the production, export, and employment-oriented growth process of the Turkish economy will continue and that we believe in the new era that we call the Turkish Century."

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