The Turkish Economy Grew 7.4% in The Q3 of 2021

Official data showed that the Turkish economy grew by 7.4% on an annual basis in the third quarter of 2021, in line with expectations of higher demand for retail sales, industrial production, and exports.

The data of the Turkish Statistical Institute showed GDP growth of 2.7% compared to the previous quarter on a seasonal and calendar-adjusted basis.

It is noteworthy that the Turkish lira fell 1.6 percent to 13.015 lira against the dollar, before rising slightly to a record 12.97.

The value of the Turkish lira has fallen by 43% against the dollar this year, hitting its lowest level of 13.45 lira to the dollar last Tuesday, after President Recep Tayyip Erdogan recently defended the interest rate cut.