Turkey's growth rate at lowest level in last four quarters

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Turkey's annual economic growth rate stood at 7.3 percent in the first quarter of the year, according to figures released by the Turkish Statistical Institute (TurkStat) yesterday (May 31).

The growth rate, which was close to the market expectation of 7.2 percent, was the lowest in the last four quarters.

The country's growth rate was 9.1 percent in the last quarter of 2021, and 11 percent throughout the year.

Turkey's GDP reached 2.49 trillion Turkish lira (~179.8 billion US dollars).

Financial activities

As for the activities that constitute gross domestic product, the value added increased by 24.2 percent in financial and insurance, 16.8 percent in information and communication, 14.9 percent in services, 8.9 percent in professional, administrative and support service activities, and 7.4 percent in industry,

It increased by 6.8 percent in other service activities, 5.4 percent in real estate activities, 5.2 percent in public administration, education, human health and social work activities and 0.9 percent in agriculture, respectively. Construction sector decreased by 7.2 percent.

Household consumption expenditure

Final consumption expenditure of resident households increased by 19.5 percent, government final consumption increased by 0.9 percent and gross fixed capital formation increased by 1.1 percent in the first quarter of 2022 compared with the same quarter of the previous year in the chained linked volume index.

Exports and imports

Exports of goods and services increased by 16.8 percent in the first quarter of 2022 compared with the same quarter of the previous year in the chained linked volume index. Imports of goods and services increased by 2.3 percent.

Compensation of employees

Compensation of employees increased by 59.7 percent and net operating surplus/mixed income increased by 88.1 percent in the first quarter of 2022 compared with the same quarter of the previous year, respectively.

Minister's comment

Minister of Treasury and Finance Nureddin Nebati commented on the growth figures in a statement on Twitter, saying, "Although the increase in input costs as a result of events that occur on a global scale pose a risk to our production, we predict that we will continue to be positively differentiated from other countries thanks to our policies supporting production." (AEK/VK)