The Turkish economy expanded 4% year-on-year in the first quarter of 2023, slightly higher than 3.5% in the previous period and compared to forecasts of 3.9%. The growth was mainly driven by pre-election and earthquake-related spending, and a fast recovery in some areas hit by the disasters. Public spending increased 5.3%, gross fixed capital formation 4.9% and the construction sector 5.1%. At the same time, low interest rates, higher wages and subsidized utility bills helped to boost private consumption which surged 16.2%, a sixth consecutive quarter of double-digit growth. On the other hand, exports declined 0.3% while imports rose 14.4%. Also, the industrial sector shrank 0.7% and agriculture, forestry and fishing contracted 3.8%. Compared to the previous quarter, the economy expanded 0.3%. The central bank recently said the earthquakes will not have a lasting impact on the performance of Turkey's economy in the medium term. source: Turkish Statistical Institute

GDP Annual Growth Rate in Turkey averaged 4.80 percent from 1999 until 2023, reaching an all time high of 22.20 percent in the second quarter of 2021 and a record low of -14.50 percent in the first quarter of 2009. This page provides the latest reported value for - Turkey GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Annual Growth Rate in Turkey is expected to be 1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 3.40 percent in 2024 and 4.50 percent in 2025, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

Turkey GDP Annual Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-02-28 07:00 AM Q4 3.5% 4% 3% 2.9%
2023-05-31 07:00 AM Q1 4% 3.5% 3.9% 3.7%
2023-08-31 07:00 AM Q2 4% 3.5% 3.1%


Related Last Previous Unit Reference
GDP Growth Rate 0.30 0.90 percent Mar 2023
GDP Annual Growth Rate 4.00 3.50 percent Mar 2023
GDP Constant Prices 488484159.70 582060613.60 TRY Thousand Mar 2023
Gross Fixed Capital Formation 124052436.70 142448896.90 TRY Thousand Mar 2023
Full Year GDP Growth 5.60 11.40 percent Dec 2022
GDP from Manufacturing 88757167.00 95526949.20 TRY Thousand Mar 2023
GDP from Construction 23796319.20 24233055.20 TRY Thousand Mar 2023
GDP from Agriculture 10778915.00 27423354.00 TRY Thousand Mar 2023
GDP from Services 127518611.20 150950494.80 TRY Thousand Mar 2023
GDP from Public Administration 54484876.36 56423281.25 TRY Thousand Mar 2023
GDP from Utilities 587421.00 479733.00 TRY Thousand Jun 2016
GDP from Transport 4095462.00 3875510.00 TRY Thousand Jun 2016
GDP from Mining 213551.90 164785.90 TRY Thousand Jun 2016

Turkey GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of Turkish GDP and accounts for 70 percent, followed by gross fixed capital formation (22 percent) and government expenditure (15 percent). Exports of goods and services account for 27 percent of GDP while imports account for 32 percent, subtracting 5 percent from total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
4.00 3.50 22.20 -14.50 1999 - 2023 percent Quarterly
NSA

News Stream
Turkey GDP Growth Slightly Higher than Expected
The Turkish economy expanded 4% year-on-year in the first quarter of 2023, slightly higher than 3.5% in the previous period and compared to forecasts of 3.9%. The growth was mainly driven by pre-election and earthquake-related spending, and a fast recovery in some areas hit by the disasters. Public spending increased 5.3%, gross fixed capital formation 4.9% and the construction sector 5.1%. At the same time, low interest rates, higher wages and subsidized utility bills helped to boost private consumption which surged 16.2%, a sixth consecutive quarter of double-digit growth. On the other hand, exports declined 0.3% while imports rose 14.4%. Also, the industrial sector shrank 0.7% and agriculture, forestry and fishing contracted 3.8%. Compared to the previous quarter, the economy expanded 0.3%. The central bank recently said the earthquakes will not have a lasting impact on the performance of Turkey's economy in the medium term.
2023-05-31
Turkish Economy Rises More than Expected
The Turkish economy advanced 3.5% year-on-year in the fourth quarter of 2022, following an upwardly revised 4% growth in the previous period and above market forecasts of a 3% rise. Household consumption slowed (16.1% vs 20.4% in Q3) while gross fixed capital formation rebounded (2.6% vs -0.8%). At the same time, exports fell by 3.3% (vs 12.4%) and imports eased to 10.2% (vs 11.9%). Also, government expenditure surged significantly (9%, the biggest increase since presidential elections in 2018, vs 4.7%). Compared to the previous quarter, the economy grew by 0.9%, rebounding from a 0.1% decline in the third quarter. Considering full 2022, the Turkish economy expanded 5.6%, after a record growth of 11.4% in 2021. For 2023, the World Bank recently said the two very large earthquakes of February 6 caused an estimated $34.2 billion in direct physical damages, the equivalent of 4% of the country’s 2021 GDP.
2023-02-28
Turkey GDP Growth Slows Sharply in Q3
The Turkish economy expanded 3.9% year-on-year in the third quarter of 2022, following an upwardly revised 7.7% rise in the previous period. Figures compare with market forecasts of 4%. It is the weakest growth rate since a contraction in the second quarter of 2020 at the height of the global pandemic, as surging inflation and plunging lira weigh on domestic demand and investment while a global slowdown in main trading partners weighed on foreign demand. Household spending increased at a slower 19.9% (vs 22.5% in Q2) and investment sank 1.3%, the first decline in a year (vs 5% in Q2). At the same time, exports rose at a softer 12.6% (vs 16.4%) while imports jumped 12.2% (vs 5.8%). Meanwhile, government consumption surged 8.5%, much higher than a 2% rise in Q2. Compared to the previous period, the economy contracted 0.1%.
2022-11-30