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Turkey’s gross domestic product grew an annual 7.4% in the third quarter boosted by exports and demand, official data released Tuesday show. The overall growth rate this year is now likely to reach a flashy 10%, yet the prospects for next year appear dim as Turkey keeps accumulating risks amid the slump of the Turkish lira and unruly inflation.
The third-quarter growth rate owes partly to the base effect of the relatively low growth of 1.8% in the same period last year, but also to a recovery in exports and tourism driven mainly by the depreciation of the lira and a return to a relative normal since the launch of COVID-19 vaccinations, including a revival in the services sector.
