Turkish Statistical Institute (TUIK) published the national income statistics for the first quarter. The data showed that the Turkish economy grew by 7.3% on an annual basis in the first quarter. Thus, the lowest annual growth figure of the last 4 quarters was recorded.
Turkish Statistical Institute (TUIK) announced the periodical gross product domestic product data for the first quarter.
TurkStat announced the gross domestic product (GDP) data covering the period from January to March 2022. The Turkish economy grew by 7.3% in the first quarter of the year. 7.2% growth was expected in the market.
When the activities that make up the GDP are analyzed, in the first quarter of this year, as a chained volume index, finance and insurance activities increased by 24.2%, information and communication activities increased by 16.8%, services by 14.9%, professional, administrative and support service activities by 8.9%, industry by 7.4%, other service activities by 6.8%, real estate activities by 5.4%, public administration, education, human health and social service activities by 5.2% and agriculture by 0.9%. The construction sector, on the other hand, decreased by 7.2%.
GDP, at current prices is ₺2 trillion 496 billion 328 million
According to the production method, the GDP estimation at current prices increased by 79.5% in the first quarter compared to the same quarter of the previous year and reached ₺2 trillion 496 billion 328 million. The first quarter value of GDP was 179 billion 800 million in US dollars at current prices.
GROWTH ASSESSMENT FROM MINISTER NEBATI
Treasury and Finance Minister Nureddin Nebati evaluated the first quarter growth data with the shares he shared on his Twitter account.
Nebati said, “Our economy grew by 7.3% in real terms on an annual basis in the first quarter of 2022. The balanced growth composition that took place from the beginning of 2021 continued in the first quarter of 2022 as well. In the first quarter, the contribution of domestic demand to growth was 3.9%, while net foreign demand contributed 3.5% to growth. Machinery and equipment investments, which are important in terms of strengthening our production capacity, continued to increase for ten quarters with an increase of 10.5%.
Although the increases in input costs as a result of events on a global scale pose a risk to our production, we anticipate that we will continue to be positively differentiated from other countries thanks to our policies that support production.”
The economy grew by 9.1% in the last quarter of 2021 and by 11% in the whole of 2021 compared to the previous year.
Source: NTV / Translated by Irem Yildiz