The Turkish economy expanded 3.7% year-on-year in Q3 2025, easing from an upwardly revised 4.9% growth in the previous quarter, and more than the expected slowdown to 4.2%. The main drag came from net trade, as exports fell 0.7% (vs. 2% in Q2) while imports rose 4.3% (vs. 8.9%). Meanwhile, household consumption growth accelerated (4.8% vs. 4.4%), fixed investments surged to their highest in two years (11.7% vs. 9.1%), and government spending rebounded (0.8% vs. -0.6%). On the production side, activity growth picked up in construction (13.9% vs. 11.1%), financial and insurance activities (10.8% vs. 4%), information and communication (10.1% vs. 7.1%), other services (7.1% vs. 2.5%), industry (6.5% vs. 6%), and trade, transport, accommodation, and food services (6.3% vs. 5.8%). Conversely, agriculture, forestry, and fishing fell 12.7% after a 5.5% decline previously. On a quarterly basis, GDP grew 1.1%, down from 1.6% in the previous period.