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ISTANBUL (Reuters) - Turkey's economy grew less than expected in the third quarter, expanding at an annual 2.1% rate, official data showed on Friday. Third-quarter gross domestic product (GDP) dipped 0.2% from the previous quarter on a seasonally and calendar-adjusted basis, Turkish Statistical Institute (TUIK) data showed. Growth in the second quarter was revised down to 2.4% from 2.5%, the data also showed. In a Reuters poll, the economy was forecast to have expanded 2.6% in the third quarter due to slower domestic demand and the weight of tighter economic policies. (This story has been corrected to show that the growth dipped, not grew, from the previous quarter, in paragraph 2)
ISTANBUL (Reuters) - Turkey's economy is expected to have expanded 2.6% in the third quarter due to slower domestic demand and the weight of tighter economic policies, a Reuters poll showed on Tuesday, with the rate seen cooling to 3% for the year as a whole. The economy grew 5.3% in the first quarter of this year with strong domestic demand pushed up by a minimum wage hike and households bringing purchases forward in expectation of higher inflation ahead. In the second quarter, sagging demand brought growth down to 2.5% in the face of a monetary tightening campaign that began in June 2023, ...Read More >