Economic growth

The GDP growth accelerated from 7.3 percent in the first quarter of 2022 to 7.6 percent in the April-June period, data from the Turkish Statistical Institute (TÜİK) have showed.

On a seasonally and calendar adjusted basis, the economy grew 2.1 percent in the second quarter from January-March, up from the quarterly growth of 0.7 percent recorded in the previous quarter.

In the April-June period, the economy grew by 4.8% compared to the second quarter of the previous year, NSI reported. Compared to the first three months of the year, the gross domestic product (GDP) grew by 1.1%. This is shown by the seasonally adjusted data on express assessments.

Turkey's economy grew by 7.3 percent in the first quarter of 2022 from a year ago, data from the Turkish Statistical Institute (TÜİK) showed on May 31.

The first-quarter growth was in line with economists' expectations.

Leading indicators point to a 7 percent economic growth in the first quarter of 2022, Treasury and Finance Minister Nureddin Nebati said yesterday, reiterating the government's determination to fight inflation.

Authorities will release crucial economic data this week, including growth for the first quarter and inflation for May.

On May 31, the Turkish Statistical Institute (TÜİK) will release the gross domestic product (GDP) figures for January-March.

Quarterly macroeconomic analysis of UniCredit Bulbank:

Economic growth in 2022 will remain at last year's levels amid growing fears of inflation

The Organization for Economic Co-operation and Development (OECD) has revised up its 2021 growth forecast for Turkey by 0.6 percentage points to 9 percent.

"In the absence of further shocks, GDP growth is projected to be 9 percent in 2021 before easing to 3.3 percent in 2022 and 3.9 percent in 2023," the OECD said in its Economic Outlook report released on Dec. 1.

Turkey's sectoral confidence indices posted positive results this month, the country's statistical authority reported on Oct. 25. 

Seasonally adjusted confidence indices for services, retail trade, and construction were up by 2.1%, 4.8% and 1% month-on-month in October.

Despite pandemic-driven bottlenecks in the global supply chain, Turkey's rapid economic recovery, its progress in vaccinating its population against COVID-19, and its strong industrial production trends have resulted in international organizations revising their 2021 growth forecasts for the country.

The Ministry of Finance has revised its autumn forecast for economic development. According to new estimates, real gross domestic product (GDP) growth will reach 4%, and next year will be heading towards 5% with a forecast of 4.9%. The main reason for accelerating economic growth will be investment, as well as the stabilization of the private sector after the Covid crisis.