Economy expands 7.6% year-on-year in Q2

The Turkish economy economy grew 7.6% year-on-year in the second quarter of 2022, according to the Turkish Statistical Institute (TurkStat).

The country’s gross domestic product (GDP) at current prices surged 114.6% to TRY 3.4tr (USD 219.3bn) in the April-June period, TurkStat said.

During this period, while the annual sectoral growth was 7.8% in industry and 18.1% in services, construction decreased by 10.9% and agriculture by 2.9%. The economy thus recorded one of the highest growth rates in the G20.

With this growth, Turkey became the second-fastest growing economy in the G20 after Saudi Arabia.

Final consumption expenditure of resident households increased by 22.5%, while the government’s final consumption rose by 2.3% in the second quarter compared with the same period last year.

The country’s economy grew 7.3% year-on-year in the first quarter.