9/2/2022

Turkish Economy Grows 7.6 Percent in Q2

Türkiye's economy expanded 7.6 percent annually in the second quarter of 2022, growing at a faster rate than expected and outpacing most peers, according to the figures released by the Turkish Statistical Institute (TurkStat).

With an annual GDP growth of 7.6 percent, and a quarterly growth of 2.1 percent in the second quarter of 2022, Türkiye has become the second-fastest growing economy among the G20 members and OECD countries.

A close analysis of GDP's activities demonstrated that all of the components, particularly finance and services contributed positively to economic growth, with the exception of agriculture, forestry and fishing, and construction.

The value-added in the financial and insurance sector increased by 26.6 percent, 18.1 percent in the services sector, 11.0 percent in professional, administrative and support service activities, and 7.8 percent in manufacturing.

Commenting on the remarkable figures, the Minister of Treasury and Finance Nureddin Nebati said the Turkish economy has maintained balanced-growth for five consecutive quarters.

"In this period, an additional 900,000 people were employed compared to the end of last year, and the unemployment rate fell to 10.3 percent," Minister Nebati noted, adding that these gains were made possible by the Türkiye Economy Model, which prioritizes growth and employment while supporting production and exports

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economy; GDP; Türkiye