Turkey records second-fastest economic growth among OECD states
Chile is the fastest growing economy among the 38 member states of the Organization for Economic Cooperation and Development followed by Turkey, UK, Hungary and Lithuania in the third quarter of this year.
The OECD area economy grew 4.7 percent year-on-year in the third quarter of 2021.
Turkey has become the second-fastest growing economy in the third quarter of 2021 among the member states of the Organization for Economic Cooperation and Development (OECD) after Chile.
Chile recorded the highest gross domestic product (GDP) growth rate with 17.3 percent, while Turkey’s economy grew 7.4 percent.
The country's GDP expanded 2.7 percent compared to the previous quarter, according to the data released by the Turkish Statistical Institute on Tuesday.
The size of the annual GDP grew to $795.2 billion in the third quarter from $765 billion through the previous three-month period.
Turkey's Treasury and Finance Minister Lutfi Elvan emphasised that the improved growth performance was on the back of significant foreign demand.
“We grew at an annual rate of 7.4 percent in the third quarter of 2021 with a significant contribution of foreign demand,” Elvan wrote on Twitter.
He said that necessary steps will be taken to sustain the growth and that the country's main priority is that “everyone benefits from the growth.”
READ MORE: OECD revises up Turkey’s growth forecast for 2020
OECD growth
Other top five fastest-growing economies among the OECD countries were the UK (6.6 percent), Hungary (6.1 percent) and Lithuania (6 percent).
Slovakia and Japan (both 1.3 percent), and Germany (2.6 percent) posted the lowest growth rates, according to the OECD figures.
The OECD area economy grew 4.7 percent year-on-year in the third quarter of 2021; economic growth in July-September slowed down versus the previous quarter, when the figure was 19.6 percent.
G7 economies posted a similar annual growth rate — 4.1 percent — as the OECD area in total, while their average annual growth rate was 13 percent in the previous quarter.
The EU's GDP growth rate was 3.9 percent year-on-year in the July-September period, while euro area posted a growth rate of 3.7 percent.
The eurozone area or EA19 represents the member states that use the single currency, the euro, while the EU27 defines all member countries of the bloc.
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