Turkey’s economy grew by 5.7% in the first quarter of 2024 compared to the same period last year, according to the latest official economic data presented on Friday by the Turkish Statistical Institute (TÜİK), indicating that domestic demand continues stimulating Turkish GDP despite the Central Bank’s policy of sharp interest rate hikes to curb inflation.
At current prices in the first quarter, Turkey’s Gross Domestic Product grew by 2.4% during the first three months of the year, according to the report presented by TÜİK, which indicates that the Eurasian country’s GDP reached 8.8 trillion liras (251.668 billion euros) during the January-March 2024 period.
Looking at the activities that make up GDP, added value increased by 11% in construction, 5.5% in the information and communications sector, 5% in professional, administrative and service support activities, 4.9% in industry and 4.6% in agriculture,’ the report said.
‘Our economy is moving towards a more balanced and sustainable growth, thanks to the rational, predictable and rule-based policies we are implementing,’ Turkish Finance Minister Mehmet Şimşek said commenting on the economy’s growth data. ‘Throughout 2024 we foresee balanced growth, with a positive contribution from external net demand,’ he added.
Turkey’s economy grew at 4.5% the past year 2023, and 4% during the first quarter of that year, despite the economic slowdown suffered by Turkey’s main trading partners and the devastating earthquakes that ripped through southeastern Anatolia in February last year.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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