Turkey’s economy grew 0.9 percent in the third-quarter, from a year earlier, as the country recovers from the effects of last year’s currency crisis.
Seasonally and calendar adjusted gross domestic product (GDP) rose by 0.4 percent compared to the second quarter, according to the data released by the Turkish Statistical Institute on Monday.
“For our 5 percent growth target, we will focus on increasing the industrial value added, accelerating the recovery on the investment side and strengthening the production and employment-oriented sectors,” Turkish Finance Minister Berat Albayrak said in a tweet on Monday.
The lira plunged in 2018, dragging Turkey’s economy into a recession as interest rates surged in response.
“With the success of the balancing period, the decline in costs, increasing confidence indices and the effects of the change process, we see the annual growth in industry as important,” Albayrak said.
Turkey’s economic confidence index rose 1.7 percent month-on-month in November to 91.3 points.