UPDATE - Turkey's economy grows 1.6 pct in Q3

UPDATE WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - Turkish economy expanded by 1.6 percent year-on-year in the third quarter of this year, the country's statistical office announced.

Turkey's gross domestic product (GDP) reached 1 trillion liras ($187 billion) at current prices, TurkStat said in a statement.

A group of 15 economists surveyed by Anadolu Agency on Friday had expected the Turkish economy to expand by 1.7 percent in July-September period.

Economists' projections hovered between 0.5 percent and 3 percent.

"Seasonally and calendar adjusted gross domestic product decreased by 1.1 percent compared with the last quarter," TurkStat said.

According to the TurkStat's revised data, the country's economy grew 5.3 percent in the second quarter and 7.2 percent in the first quarter.

Turkish government aims to reach economic growth rate of 3.5 percent in 2020 and 5 percent by 2021 under its new economic program announced in September.