Turkish economy expands by 4.5 percent throughout 2023

(MENAFN) The Turkish Statistical Institute revealed on Thursday that the Turkish economy expanded by 4.5 percent throughout 2023. Official data also disclosed that the country's Gross Domestic Product (GDP) growth rate stood at 4 percent during the final quarter of the year. In terms of economic output, the GDP surged to USD1.12 trillion in 2023, with the GDP per capita reaching USD13,110.

Breaking down the quarterly performance, Turkey's GDP growth rate was registered at 4 percent in the initial quarter, followed by 3.9 percent in the subsequent quarter, and a notable increase to 6.1 percent in the third quarter. Comparatively, the growth rate in 2022 had been recorded at 5.5 percent. Anticipations for Turkey's economic trajectory were echoed in a survey conducted by Anadolu, which forecasted a growth rate of 3.97 percent in the final quarter and a full-year growth of 4.4 percent.

The consistent growth figures underscore Turkey's economic resilience and its ability to navigate through various domestic and global challenges. With sustained expansion across multiple quarters, Turkey aims to bolster its economic stability and enhance its position within the global market. The GDP figures reflect not only the performance of key sectors but also the broader economic policies and initiatives undertaken by the government to spur growth and development. Moving forward, Turkey seeks to maintain its growth momentum while addressing any underlying factors that may influence its economic trajectory.


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