A customer buys dairy products at a food market in Ankara, Turkey, Dec. 10, 2018. Turkish economic growth slowed down to 1.6 percent year on year in the third quarter, Turkish Statistical Institute announced in a report on Monday. (Xinhua/Mustafa Kaya)
ANKARA, Dec. 10 (Xinhua) -- Turkish economic growth slowed down to 1.6 percent year on year in the third quarter, Turkish Statistical Institute announced in a report on Monday.
Compared with the 1.6 percent increase in the third quarter, the country's economy growth was 5.3 percent in the second quarter and 7.2 percent in the first quarter, the report showed.
According to the report, calendar adjusted gross domestic product (GDP) in the third quarter increased by 2.1 percent compared with the same period of time last year, while seasonally and calendar-adjusted GDP shrank 1.1 percent compared with the previous quarter.
The fast growing part is services at 4.5 percent year on year, while the construction sector decreased by 5.3 percent compared with the third quarter of 2017.
In August, Turkey saw serious currency depreciation. Turkish government sharply lowered its growth forecasts for 2018 and 2019 at 3.9 percent and 2.3 percent in a new medium-term economic program unveiled in September.
