Turkey's economy grew 0.9% year-on-year https://tmsnrt.rs/2P6vV18 in the th...
in the third quarter, breaking three consecutive quarters of contraction as it shook off a recession which followed last year's currency crisis.
Monday’s data was in line with a Reuters poll which forecast 1% year-on-year expansion in the third quarter. The poll also predicted that the economy will grow 0.5% in 2019 as a whole. The third quarter growth was driven by the agricultural sector which expanded 3.8%, while industry grew 1.6% and services grew 0.6%. However, the construction sector, which underpinned years of strong economic growth in Turkey, shrank 7.8%, the Turkish Statistical Institute data said.was at 5.7550 against the dollar after the data, weakening from 5.74 beforehand.
The central bank governor subsequently said the bank had used a significant part of its leeway for loosening monetary policy. Last week, he said the bank will use required reserves to support real sector access to loans and loan growth. A business survey on Monday showed Turkish manufacturing activity contracted in November as new orders slowed although output picked up. The Purchasing Managers’ Index for manufacturing rose to 49.5 from 49.0 in October, said the Istanbul Chamber of Industry and IHS Markit.
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