ANKARA: Turkey’s economy grew by a strong 11.1 percent in the third quarter of 2017 compared to the same period last year, official statistics showed on Monday, with the high reading driven by one-off effects as well as resilient output.
The figure was even well above the consensus market forecast, which had been for 10.0 percent growth.
The economy had grown by 5.3 percent in the first quarter and 5.4 percent year-on-year in the second, according to revised figures.
Growth was driven by construction and services as well as a strong rise in exports, official data published by the Turkish Statistics Institute (TUIK) showed.
Turkish President Recep Tayyip Erdogan said last month that “no one should be surprised” if Turkey’s end-of-year growth for 2017 was around 7.0 percent.
Analysts said ahead of the data release the third quarter figure would be particularly strong as the comparative period in 2016 was especially weak due to the effects of the July 15 failed coup and a long religious holiday.
However underlying growth is still seen as strong, largely due to a boom in construction driven by high government spending and cheap credit.
The economy grew by 1.2 percent in the third quarter from the second quarter on a seasonally-adjusted basis, the TUIK said.
QNB Finansbank Research said before the announcement that its end of year forecast was for 6.3 percent GDP growth but added the risks on that estimate “are currently skewed to the upside.”
The figures are likely to be welcomed by the government but come with signs Turkish economic policymakers need to tread carefully.
Inflation in November hit its highest annual rate in 14 years at 12.98 percent. The Turkish lira has also taken a battering, losing 13.5 percent of its value against the US dollar since September.
The lira hit a record low of 3.97 against the greenback last month but the currency has rallied slightly since.
Ahead of the data release on Monday, the lira rose in value to 3.82 to the dollar after it ended on Friday at 3.83.
Turkey economy grows 11.1% in third quarter: data
Turkey economy grows 11.1% in third quarter: data
Israel military says three projectiles fired from north Gaza
“One projectile was intercepted by the IAF (air force), one fell in Sderot and another projectile fell in an open area. No injuries were reported,” the military said in a statement.
Sudan army air strike kills 10 in southern Khartoum: rescuers
- Strike targeted a market area of the capital’s Southern Belt ‘for the third time in less than a month’
- War between Sudan’s regular army and the paramilitary forces has killed tens of thousands of people
PORT SUDAN, Sudan: Ten Sudanese civilians were killed and over 30 wounded in an army air strike on southern Khartoum, volunteer rescue workers said.
The strike on Sunday targeted a market area of the capital’s Southern Belt “for the third time in less than a month,” said the local Emergency Response Room (ERR), part of a network of volunteers across the country coordinating frontline aid.
The group said those killed burned to death. The wounded, suffering from burns, were taken to the local Bashair Hospital, with five of them in a critical condition.
Since April 2023, the war between Sudan’s regular army and the paramilitary Rapid Support Forces (RSF) has killed tens of thousands of people.
In the capital alone, the violence killed 26,000 people between April 2023 and June 2024, according to a report by the London School of Hygiene and Tropical Medicine.
Khartoum has experienced some of the war’s worst violence, with entire neighborhoods emptied out and taken over by fighters.
The military, which maintains a monopoly on the skies with its jets, has not managed to wrest back control of the capital from the paramilitary.
Of the 11.5 million people currently displaced within Sudan, nearly a third have fled from the capital, according to United Nations figures.
Both the RSF and the army have been repeatedly accused of targeting civilians and indiscriminately shelling residential areas.
Israel says Hamas has not given ‘status of hostages’ it says ready to free
- A Hamas official gave a list of 34 hostages the group was ready to free
JERUSALEM: Israel said on Monday that Hamas had so far not provided the status of the 34 hostages the group declared it was ready to release in the first phase of a potential exchange deal.
“As yet, Israel has not received any confirmation or comment by Hamas regarding the status of the hostages appearing on the list,” Prime Minister Benjamin Netanyahu’s office said in a statement after a Hamas official gave a list of 34 hostages the group was ready to free in the first phase.
Shooting attack on a bus carrying Israelis in the occupied West Bank kills 3
- The attack occurred in the Palestinian village of Al-Funduq, on one of the main east-west roads crossing the territory
JERUSALEM: A shooting attack on a bus carrying Israelis in the occupied West Bank killed at least three people and wounded seven others on Monday, Israeli medics said.
Israel’s Magen David Adom rescue service said those killed included two women in their 60s and a man in his 40s.
Violence has surged in the West Bank since Hamas’ Oct. 7, 2023 attack out of Gaza ignited the ongoing war there.
The attack occurred in the Palestinian village of Al-Funduq, on one of the main east-west roads crossing the territory. The identities of the attackers and those killed were not immediately known. The military said it was looking for the attackers, who fled.
Palestinians have carried out scores of shooting, stabbing and car-ramming attacks against Israelis in recent years. Israel has launched near-nightly military raids across the territory that frequently trigger gunbattle with militants.
The Palestinian Health Ministry says at least 835 Palestinians have been killed by Israeli fire in the West Bank since the start of the war in Gaza.
Israel captured the West Bank, Gaza and east Jerusalem in the 1967 Mideast war, and the Palestinians want all three territories for their future state.
Some 3 million Palestinians live in the West Bank under seemingly open-ended Israeli military rule, with the internationally recognized Palestinian Authority administering population centers. Over 500,000 Israeli settlers live in scores of settlements, which most of the international community considers illegal.
Meanwhile, the war in Gaza is raging with no end in sight, though there has reportedly been recent progress in long-running talks aimed at a ceasefire and hostage release.
The war began when Hamas-led militants stormed across the border in a massive surprise attack nearly 15 months ago, killing some 1,200 people, mostly civilians, and abducting around 250. Some 100 hostages are still inside Gaza, at least a third of whom are believed to be dead.
Israel’s air and ground offensive has killed over 45,800 Palestinians in Gaza, according to local health authorities, who say women and children make up more than half of those killed. They do not say how many of the dead were militants. The Israeli military says it has killed over 17,000 fighters, without providing evidence.
The war has destroyed vast areas of Gaza and displaced 90 percent of the territory’s population of 2.3 million, often multiple times. Hundreds of thousands are enduring a cold, rainy winter in tent camps along the windy coast. At least seven infants have died of hypothermia because of the harsh conditions, according to Gaza’s Health Ministry.
Aid groups say Israeli restrictions, ongoing fighting and the breakdown of law and order in many areas make it difficult to provide desperately needed food and other assistance.
New Syria foreign minister begins first visit to UAE: state media
Damascus: Syria’s new foreign minister Asaad Al-Shaibani landed in the United Arab Emirates Monday on his first visit to the country since rebels toppled president Bashar Assad last month, official news agency SANA said.
“Shaibani, accompanied by defense minister Murhaf Abu Qasra and intelligence chief Anas Khattab, has arrived in the United Arab Emirates,” SANA reported.
Shaibani also posted a picture of himself on X stepping off a plane, and said he looked forward “to building constructive bilateral relations.”
The officials took office after Islamist-led rebels swept into Damascus in early December, toppling Assad after more than 13 years of civil war.
Their trip to the UAE comes after they visited its Gulf neighbors Qatar on Sunday and Saudi Arabia last week.
Both Qatar and Turkiye, which backed the anti-Assad opposition, reopened their embassies in Damascus in the aftermath of Assad’s flight to Moscow.
Turkiye has long maintained a working relationship with the HTS rebels, leaving it with a direct line to Damascus.
