Turkey records 5.6% GDP growth in 2022


Ankara, Feb 28 (IANS): Turkey's economy grew by 5.6 per cent in 2022, with domestic consumption propping up the better-than-expected performance, according to official statistics released on Tuesday.

The country's economy expanded by 3.5 per cent year-on-year in the last quarter of 2022, while the GDP per capita reached $10,655 for the entirety of the year, the Turkish Statistical Institute said.

Domestic consumption grew by 19.7 per cent in 2022, whereas investments, which had increased by 7.4 per cent in 2020 and 2021, only grew by 2.8 per cent in 2022, Xinhua news agency reported.

The country's export growth plummet to 9.1 per cent in 2022, compared with 24.9 per cent in the previous year.

In 2021, the Turkish economy bounced back strongly from the Covid-19 pandemic to expand by 11.4 per cent, its highest rate in a decade.

The country's economic growth was overshadowed by its annual inflation rate which reached a 20-year high of 85.5 per cent last year, along with the impact of the global economic slowdown.

Turkey's annual inflation dipped to 57.68 per cent in January and is predicted to continue to fall throughout the year. Yet the country was hit by massive earthquakes on February 6 which will result in a hefty reconstruction expense and slower economic growth.

 

  

Top Stories


Leave a Comment

Title: Turkey records 5.6% GDP growth in 2022



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.