ISTANBUL

The Turkish economy has grown by 4.8% year-on-year in the second quarter of this year, exceeding expectations.

Gross domestic product (GDP) at current prices soared 43.7% to 14.62 trillion Turkish liras ($377.6 billion) in April-June, the Turkish Statistical Institute announced on Monday.

In the first quarter of 2024, the Turkish economy expanded by 2% year-on-year.
Last week, economists participating in the survey by Anadolu predicted that the GDP growth rate of the country would be 3.87%.

On a quarterly basis, Türkiye's GDP increased by 1.6% in the three months to June, down from 1.7% in the previous quarter.  

‘Best performance in 12 quarters’

Mehmet Simsek, the Turkish treasury and finance minister, said on Turkish social media platform NSosyal that Türkiye continues to grow and the inflation continues to fall despite challenging global conditions.

The manufacturing industry, bolstered by a strong increase in high-tech production, delivered its “best performance in 12 quarters,” he said, adding that consumption and investment maintained a balanced trajectory.

“Despite the relatively low growth of approximately 2% among our trading partners and the front-loaded demand, the current account deficit-to-GDP ratio remained at a sustainable level of 1.3% annually,” he added.

Simsek said: "We have reached a significant milestone in achieving the ultimate goal of our program: sustained prosperity growth. According to the World Bank classification, our likelihood of joining the high-income countries group in 2025 has increased.”

He also said the country will soon unveil its Medium-Term Program for the 2026-2028 period, which will further advance its achievements.