Turkish economy grows 5.7 pct in Q1, reports TÜİK

Duvar English

Turkey's Gross Domestic Product (GDP) recorded a growth of 5.7% in the first quarter of 2024 compared to the same period of the previous year, according to the Turkish Statistical Institute (TÜİK) data.

The consumption effect stood out in the growth data as the household consumption expenditures increased by 7.3% in the Q1. The government's final consumption expenditures rose by 3.9%, while gross fixed capital formation increased by 10.3%.

The Turkish economy grew by 4 percent in the fourth quarter of 2023 and by 4.5 percent total in 2023.

The country’s GDP reached 8.82 trillion Turkish liras at current prices, with an increase by 90.0 percent. GDP was recorded at 285.57 billion US dollars.

While the exports of goods and services increased by 4%, imports decreased by 3.1%.

Treasury and Finance Minsiter Mehmet Şimşek stated that the government have been taking decisive steps towards their inflation targets and added, ‘Thanks to our programme, balanced growth composition, declining current account deficit, increasing confidence, improved expectations and accelerated foreign resource inflow will contribute significantly to disinflation.”

Şimşek stated that with more supportive external conditions and moderate domestic demand in the second half, they foresee a growth with a positive contribution from net external demand this year.