Turkish gross domestic product soars by 2.5 percent in Q2

(MENAFN) On Monday, official data revealed that the Turkish economy grew at an annualized rate of 2.5 percent during the second quarter of 2024. The gross domestic product (GDP) for the period spanning April to June reached 9.95 trillion Turkish liras, which is approximately USD308.16 billion, according to figures released by the Turkish Statistical Institute (TurkStat). This growth rate marks a deceleration compared to the first quarter of the year, reflecting changes in the economic momentum.

The growth in the second quarter of 2024 represents a significant slowdown from the previously revised 5.3 percent growth recorded in the first quarter. This deceleration was unexpected, as market analysts had projected a more robust expansion. Economists surveyed by a local news agency had estimated that the Turkish economy would grow by 3 percent in the second quarter, indicating a divergence from actual economic performance.

On a quarterly basis, Türkiye's GDP showed a modest increase of 0.1 percent in the second quarter of 2024. This incremental growth followed a more substantial 1.4 percent expansion in the first quarter, illustrating a slowdown in economic activity on a sequential basis. The quarter-to-quarter comparison highlights the changing pace of economic growth within the year.

The lower-than-expected growth rate for the second quarter underscores potential challenges facing the Turkish economy, diverging from earlier projections and indicating that the economic expansion may be encountering headwinds. This data will likely influence economic policy decisions and market expectations as Türkiye navigates its economic trajectory for the remainder of the year.

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