Turkish Economy Grows by 5.7 Percent in Q1
Thus, the Turkish economy has grown for 15 consecutive quarters since the second quarter of 2020, when COVID-19 pandemic measures were implemented, the data released by the Turkish Statistical Institute shows.
Despite the ongoing monetary tightening policy, household consumption accelerated in the run-up to the local elections, going up by 7.3 percent in the first quarter. Government final consumption expenditures increased by 3.9 percent and gross fixed capital formation by 10.3 percent.
"Our economy is moving towards more balanced and sustainable growth with our rational, predictable and rule-based policies," Turkish Treasury and Finance Minister Mehmet Simsek said on social media platform X on Friday.
The contribution of net external demand to growth rose by 1.6 percentage points after five quarters, he said, adding that the seasonally adjusted unemployment rate fell to 8.7 percent, the lowest in 11 years.
"We envisage a positive contribution from net external demand to growth this year with more supportive external conditions and moderate domestic demand in the second half," Simsek said.
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