EUR
enTurkish economy: first quarter growth is higher than expected
June 4, 2023
The Turkish economy showed a strengthening in the first quarter of this year, surpassing experts' expectations. According to TurkStat, the country's gross domestic product (GDP) grew by 0.3% quarter-on-quarter to 4.0% year-on-year. These figures exceeded expectations of analysts, who predicted growth of 3.0%. The main driver of growth in the Turkish economy was consumer demand, which grew by 16.2%.
Exports showed some recovery after a decline in the previous quarter. Exports decreased by 0.3% year-on-year, compared to a 3.3% drop in the previous quarter. Imports were up 14.4% year on year, compared to 10.2% in the previous quarter.
Positive economic indicators of the first quarter of 2023 indicate the stabilization and revival of the Turkish economy. GDP growth and strengthening of consumer demand create favorable conditions for further development of the country and give hope for further strengthening of the economic situation in Turkey.
Exports showed some recovery after a decline in the previous quarter. Exports decreased by 0.3% year-on-year, compared to a 3.3% drop in the previous quarter. Imports were up 14.4% year on year, compared to 10.2% in the previous quarter.
Positive economic indicators of the first quarter of 2023 indicate the stabilization and revival of the Turkish economy. GDP growth and strengthening of consumer demand create favorable conditions for further development of the country and give hope for further strengthening of the economic situation in Turkey.
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