Turkey's economy exceeds prospects driven by robust local demand

(MENAFN) On Thursday, data released by the Turkish Statistical Institute revealed that the Turkish economy surpassed expectations, exhibiting robust growth of 4.0 percent in the fourth quarter. This performance contributed to a full-year growth rate of 4.5 percent, buoyed significantly by resilient domestic demand. Despite challenges such as a slowdown in major trading partners and the impact of devastating earthquakes in February, Turkey's economy demonstrated resilience and managed to outpace forecasts.

The fourth-quarter gross domestic product (GDP) growth, adjusted for seasonal factors and calendar-related reasons, remained positive, expanding by 1.0 percent compared to the previous quarter. This growth trajectory, while slightly moderating, indicates ongoing momentum in the economy.

Expectations for economic growth in 2023, as indicated by a Reuters poll, hover around 4.3 percent, closely aligned with the government's medium-term program forecast of 4.4 percent. The fourth-quarter GDP growth projection of 3.5 percent, though slightly lower than anticipated, underscores the economy's continued expansion.

Comparing with the preceding year, where the economy expanded by 5.5 percent in 2022, the Turkish economy's performance in 2023 showcases resilience and adaptability amidst evolving global and domestic economic landscapes. Furthermore, revisions to third-quarter growth figures, upwardly adjusted to 6.1 percent from 5.9 percent, reflect a positive trend in economic activity, further underscoring Turkey's economic vitality and potential for sustained growth.


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