Turkey becomes second-fastest growing economy in OECD

By Gokhan Ergocun

ISTANBUL (AA) – Turkey was 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, the international group announced on Tuesday.

Chile recorded the highest gross domestic product (GDP) growth rate with 17.3%, while Turkey’s economy grew 7.4%.

Other top five fastest-growing economies among the OECD countries were the UK (6.6%), Hungary (6.1%) and Lithuania (6%).

Slovakia and Japan (both 1.3%), and Germany (2.6%) posted the lowest growth rates, according to the OECD figures.

The OECD area economy grew 4.7% 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%.

G7 economies posted a similar annual growth rate – 4.1% – as the OECD area in total, while their average annual growth rate was 13% at the previous quarter.

The EU's GDP growth rate was 3.9% year-on-year in the July-September period, while euro area posted a growth rate of 3.7%.

The eurozone/euro area or EA19 represents the member states that use the single currency – the euro – while the EU27 defines all member countries of the bloc.