Turkey was the second fastest growing economy among the member states of the Organization for Economic Co-operation and Development (OECD) in the third quarter of 2021 after Chile, the group announced on Tuesday, November 30.
Turkey had the second-highest GDP growth rate (GDP) at 7.4%, just outpacing Chile’s 17.3%.
It was followed by the United Kingdom with 6.6%. Hungary 6.1% and Lithuania 6%.
According to figures from the Organization for Economic Co-operation and Development (OECD), Slovakia and Japan, both at 1.3%, and Germany at 2.6%, had the lowest growth rates.
The overall OECD region economy grew 4.7% year-on-year in the third quarter of 2021, a slowdown from the previous quarter when that number was 19.6%.
The G7 economies recorded a similar annual growth rate, 4.1%, compared to the OECD region, while the previous quarter averaged 13%.
The European Union’s GDP growth rate was 3.9% year-on-year in the third quarter of the year, while the Eurozone recorded a growth rate of 3.7% in the same period.
The Eurozone, or AE19, represents the member states that use the single currency, while the EU27 refers to all the bloc’s member states.
* Aisha Sandoval Laguna contributed to this note.
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