TODAYSZAMAN.COM – Turkish Q3 growth at 1.7 pct, lowest in 2 years

Turkish Q3 growth at 17 pct, lowest in 2 years Turkeyand#39s economy grew less than expected by 17 percent in the third quarter, its lowest level since the final quarter of 2012, government data revealed on Wednesday.The Turkish economy had grown 14 percent in the fourth quarter of 2012 year-on-yearGross domestic product (GDP) grew 17 percent year-on-year in the third quarter, data from the Turkish Statistics Institute (Turkstat) showed on Wednesday, below market expectations of 28 percent growth on average.

The third quarter growth data comes on the heels of weak industrial activity figures in Turkey.The lira — already under pressure from concern that the United States would hike interest rates sooner than expected — fell to as low as 2227 against the US dollar on Wednesday morning.

SOURCE: Today’s Zaman