Turkey’s economy grows by 4% in Q1

07 June 20232 min reading
The Turkish economy grew by 4 percent in the first quarter when compared to the same period of the previous year. Experts said that public expenditures and the banking sector, which were accelerated after the earthquake, were the main drivers of growth. Moreover, 3.8% contraction in agriculture drew attention. On the other hand, machinery and equipment investment demonstrated a robust growth with 8%.

Economic growth data for the first quarter of the year have been shared. Turkey’s GDP grew by 4% in the first quarter of the year. The industries leading the growth as services (12.4%), administrative and support service activities (12%), financial and insurance services (11.2%), information communication activities (8.1%), other services (7.8%), construction (5.1%), public administration-education-health (3.6%) and real estate (1.4%). Machinery and equipment investments stood out with a growth of 8%. However, the agricultural sector contracted by 3.8 percent compared to the same period last year.

Minister of Treasury and Finance Nureddin Nebati said that production and employment were not compromised despite the earthquake and drew attention to machinery and equipment investments. “It should be known that not only high growth was realized in the first quarter, but also the inclusiveness of growth has been maintained. In Q1 of 2023, employment increased by approximately 1.6 million people compared to the same period of the previous year, while the unemployment rate dropped to 9.9% and fell to single digits. Meanwhile, thanks to the steps we have taken for the low and fixed income groups, the share of labor payments in Gross Value Added increased by 6.8% year-on-year to 38%. In the period ahead, when the uncertainty related to the elections is over, we will continue to improve the welfare level of our citizens with determination,” he said.

With a 4 percent growth in overall economic indications, Turkey ranks second among OECD (Organization for Economic Cooperation and Development) countries and third among G20 countries. Ireland led the OECD countries with 6 percent and Indonesia the G20 countries with 5 percent.

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