The Turkish economy expanded 7.3 percent year-on-year in the first quarter of 2022, easing from a 9.1 percent advance in the previous period and above market expectations of a 7.1 percent growth. Household consumption slowed (19.5 percent vs 21.4 percent in Q4) while both government spending (0.9 percent vs -1.9 percent) and gross fixed capital formation (1.1 percent vs -0.8 percent) rebounded. Also, net foreign demand contributed positively to GDP growth, as exports climbed 16.8 percent while imports went up at a slower 2.3 percent. On a seasonally and calendar-adjusted basis, the economy grew by 1.2 percent, after a 1.5 percent expansion in Q4. source: Turkish Statistical Institute
GDP Annual Growth Rate in Turkey averaged 4.78 percent from 1999 until 2022, reaching an all time high of 21.70 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 July of 2022.
GDP Annual Growth Rate in Turkey is expected to be 3.80 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 4.00 percent in 2023 and 3.40 percent in 2024, according to our econometric models.