The Turkish economy grew by 7,4% in the third quarter compared to the same period last year, supported by strong consumer demand, production and exports, according to data from the State Statistical Office.

Compared to the previous three months, Turkey's gross domestic product (GDP) grew by 2,7% between July and September, according to seasonally and calendar-adjusted statistics released by the statistical office on Tuesday.

Turkey's statistics office has revised its second-quarter GDP growth data, which now shows that the country's economy jumped 22 percent year-on-year, thanks to a strong recovery from the coronavirus crisis.

The first estimate of the Statistical Office showed a growth of 21,7 percent in the second quarter.

President Recep Tayyip Erdogan, who strongly opposes higher interest rates, said the government's priority would be economic growth, employment and investment.

As part of a cycle of monetary easing to support the economy, Turkey's central bank has cut its key interest rate by as much as four percentage points since September, to 15 per cent.

Economists say the bank's moves are unreasonable, given Turkey's jump in annual inflation to 20 per cent and the sharp fall in the Turkish lira, which has fallen by a whopping 43 per cent against the dollar since the beginning of the year. writes Reuters.