UPDATE – Turkey's economy grows 1.6 pct in Q3

UPDATE WITH MORE DETAILS</p> <p>By Tuba Sahin </p> <p>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.</p> <p>Turkey's gross domestic product (GDP) reached 1 trillion liras ($187 billion) at current prices, TurkStat said in a statement.</p> <p>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.</p> <p>Economists' projections hovered between 0.5 percent and 3 percent.</p> <p>&quot;Seasonally and calendar adjusted gross domestic product decreased by 1.1 percent compared with the last quarter,&quot; TurkStat said.</p> <p>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.</p> <p>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.