Turkish economy grows by around 3.97 percent in 4Q of 2023


(MENAFN) Economists participating in a Turkish news agency’s survey have projected that the Turkish economy expanded by approximately 3.97 percent in the fourth quarter of the previous year. The Turkish Statistical Institute is scheduled to unveil the official GDP figures for the quarter on February 29.

According to the survey conducted among nine economists, the consensus estimate for Turkey's economic growth stands at 3.97 percent, with forecasts ranging from 3.3 percent to 4.7 percent. Over the entirety of 2023, economists, on average, anticipated a growth rate of 4.4 percent.

Looking ahead to the end of 2024, the average growth forecast among the same group of nine economists was 3.44 percent. This projection suggests a cautious outlook for the Turkish economy in the coming year.

To provide context, Turkey's economy exhibited robust growth in the preceding quarters of 2023, recording a 4 percent expansion in the first quarter, followed by growth rates of 3.9 percent in the second quarter and 5.9 percent in the third quarter. These figures highlight the momentum and resilience demonstrated by the Turkish economy during various phases of the year. As economists await the official GDP figures, these projections offer insights into the anticipated trajectory of Turkey's economic performance, reflecting both optimism and prudence in the forecasts.

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