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.

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Turkey GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-28 07:00 AM Q4 9.1% 7.5% 9% 8.1%
2022-05-31 07:00 AM Q1 7.3% 9.1% 7.1% 7.2%
2022-08-31 07:00 AM Q2 7.3% 3.8%


Related Last Previous Unit Reference
GDP Growth Rate 1.20 1.50 percent Mar 2022
GDP Annual Growth Rate 7.30 9.10 percent Mar 2022
GDP Constant Prices 467282918.80 559661252.30 TRY THO Mar 2022
Gross Fixed Capital Formation 114601001.30 134728019.30 TRY THO Mar 2022
Full Year GDP Growth 11.00 1.80 percent Dec 2021
GDP From Manufacturing 85834277.90 96056220.80 TRY THO Mar 2022
GDP From Construction 22651317.80 24139239.10 TRY THO Mar 2022
GDP From Agriculture 12015505.00 27930718.00 TRY THO Mar 2022
GDP From Services 112207821.40 139898499.90 TRY THO Mar 2022
GDP From Public Administration 52926951.58 54238566.43 TRY THO Mar 2022
GDP From Utilities 587421.00 479733.00 TRY THO Jun 2016
GDP From Transport 4095462.00 3875510.00 TRY THO Jun 2016
GDP From Mining 213551.90 164785.90 TRY THO 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
7.30 9.10 21.70 -14.50 1999 - 2022 percent Quarterly
NSA

News Stream
Turkey GDP Growth Beats Expectations in Q1
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.
2022-05-31
Turkey GDP Growth Stronger than Expected in Q4
The Turkish economy expanded 9.1 percent year-on-year in the fourth quarter of 2021, following an upwardly revised 7.5 percent growth in the previous period and above market expectations of 9 percent. Household consumption surged 21.4 percent from a year earlier (vs 10.1 percent in Q4); and net foreign demand contributed positively to GDP growth, as exports climbed 20.7 percent while imports went up at a slower 2.6%. Meanwhile, gross fixed capital formation declined at a softer pace (-0.8 percent vs -1.9 percent) and government spending fell (-1.7 percent vs 7.1 percent). Considering full 2021, the Turkish GDP advanced 11 percent. The Central Bank of Turkey has reduced borrowing costs by 500bps since September and inflation surged to near 50% while the lira stabilized around 14 per USD after reaching a record low of 18.4 per USD in December.
2022-02-28
Turkey GDP Growth Remains Strong in Q3
The Turkish economy expanded 7.4% year-on-year in the third quarter of 2021, following an upwardly revised 22% record growth in the previous period and compared to market expectations of a 7.5% growth. Domestic demand strengthened due to the faster vaccine rollout and economic reopening, while strong manufacturing and weaker lira led to recovery in export. Also, tourism revenues recovered giving an additional boost to the services sector. Household consumption jumped 9.1% from a year earlier and government spending surged 9.6% while gross fixed capital formation declined 2.4% Net foreign demand contributed positively to GDP growth, as exports climbed 25.6% while imports dropped 8.3%. The Central Bank of Turkey has reduced borrowing costs by 400bps since September with Turkish President Erdogan stating he will never defend rate hikes nor compromise on economic issues. Inflation is hovering around 20% and the lira reached a record low of 13.5 per USD on November 23rd.
2021-11-30