Türkiye’s Economy Posts 4.8 Growth in Q2

(MENAFN) Türkiye’s economy expanded by 4.8 percent in the second quarter compared to the same period last year, surpassing analysts’ projections, official figures revealed on Monday.

According to the Turkish Statistical Institute, seasonally and calendar-adjusted GDP increased 1.6 percent from the first quarter, accelerating from a revised 2.3 percent growth rate recorded between January and March.

A forecast by media had anticipated a 3.87 percent annual rise for April through June. The government aims for a full-year growth of 4 percent and is expected to revise its targets later this month.

Economic expansion was primarily driven by the construction and industrial sectors, while agriculture contracted. On the expenditure front, household consumption and investment fueled growth, but government spending declined.

Treasury and Finance Minister Mehmet Simsek emphasized that the Q2 results, supported by calendar effects and a low comparison base, confirmed the progress of Türkiye’s economic strategy. “With the rise in annual growth and the continuation of disinflation, the success of our program has become clear,” he stated.

Simsek noted that production increased across all sectors except agriculture, which was impacted by frost damage. Manufacturing recorded its strongest performance in three years, with high-tech production soaring 40 percent year-on-year.

He further highlighted that Türkiye’s annualized national income is approaching 1.5 trillion U.S. dollars.

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