Third quarter growth figures of Turkey
Based on the data released from State Institute of Statistics, 4.8% growth in GDP (Gross Domestic Product) and 4.9% growth in GNP (Gross National Product) is recorded in the third quarter. These figures are below market expectations of 6.2% for GDP and 6.3% for GNP. In line with these figures recorded in the third quarter, GDP in the first nine months of 2003 has reached to 5.4% and GNP 5.2% against the growth rate of 6.6% recorded in the same term of 2002. When the figures are examined, it is observed that private final consumption expenditures grew by 5.6% in the third quarter of 2003, when compared with the same period of previous year. Growth in private sector investments, which were recorded as 20.4% and 11.9% in the first quarter and second quarter, respectively, decreased to 9.8% in the third quarter. On sectoral basis, growth in the third quarter in agriculture sector is recorded as 31.3%, in industry as 20.1% and in construction as 0.3%, which were recorded as 34.8%, 28.1% and 5.2% in the second quarter, respectively. Analysts state that, these figures are highly related with October 2003 growth of industrial production, which is lower than the expectations, despite the fact that, the figure is 12.3% higher than the figure recorded in the same period of previous year.