Turkey’s economy grew at 4.5% in 2023 after experiencing a 5.5% growth in 2022, according to the latest official data released today by the Turkish Statistical Institute (TÜİK), thus exceeding not only the Turkish government’s but also analysts’ forecasts after Turkey’s GDP expanded at 4% in the last quarter of the year.
According to the report presented by TÜİK, Turkey’s Gross Domestic Product reached $1.12 trillion in updated prices in 2023, while the Eurasian country’s GDP per capita stood at $13,110. The growth figures for the Turkish economy, driven by strong domestic demand that has offset the fall in external demand and the damage caused by the earthquakes that devastated southeastern Turkey a year ago, exceed analysts’ forecasts, which had predicted an increase in Turkish GDP in 2023 of between 3.5 and 4.3%.
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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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