TurkStat: “The economy grew by 4% in the first quarter of the year”

SHAFAQNA TURKEY- Turkey’s economy grew by 4 percent in the first quarter of the year. Despite a downturn in agriculture and manufacturing, growth in the service sector supported growth.

The Turkish Statistical Institute has announced the first estimate of the gross domestic product (GDP) for the first quarter of 2023.

Accordingly, GDP as a chain volume index increased by 4 percent compared to the same quarter of the previous year.

Services activity increased by 12.4 percent in the first quarter of 2023. On the other hand, the agricultural sector shrank by 3.8 percent and industry by 0.7 percent.

The estimate of GDP by the production method in the first quarter increased by 84.4 percent compared to the same quarter last year at current prices and amounted to 4 trillion 631 billion 792 million liras. The value of GDP for the first quarter amounted to 245 billion 464 million US dollars in current prices.

When analyzing the types of activities that make up GDP, in the first quarter of the year compared to the previous year, services in the form of a chain volume index accounted for 12.4 percent, professional, administrative and ancillary services accounted for 12 percent, financial and insurance activities 11.2%, information and communication activities – 8.1%, other types of services – 7.8%, construction – 5.1%, public administration, education, health care and social services – 3.6%, real estate transactions – 1.4%. The agricultural sector decreased by 3.8 percent, and the industry – by 0.7 percent.

Thus, the Turkish economy has grown for 11 consecutive quarters since the second quarter of 2020, when measures were implemented to combat the Covid-19 epidemic.

In the first quarter of this year, despite the impact of earthquakes in the Kahramanmaras region, there was a 4 percent increase.