Turkey's economy grows 11.1pc in third quarter

Turkey's economy grew by an eye-catching 11.1 percent in the third quarter of 2017, official statistics showed on Monday, with the high reading driven by one-off effects as well as resilient output.

The year-on-year figure -- which President Recep Tayyip Erdogan boasted made Turkey the world's fastest-growing economy -- 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. Employees' wages also increased by a third compared with the same quarter of 2016, while imports rose as well. Erdogan said Turkey was targeting at least 7.0 percent GDP growth for the whole of 2017.

"I believe we have given the most beautiful response to inside and outside agitators trying to make Turkey look weak," he said in a speech in Ankara.

"Turkey is a country which has not disappointed and will not disappoint anyone who trusts, believes and invests in it. Those with us will win, those against us will lose," Erdogan added.