Turkish economy grew by 2% in the first quarter of 2025, according to official data released today by the Turkish Statistical Institute (TÜİK), which Finance Minister Mehmet Şimşek said reflected ‘the resilience and dynamism of our economy’.
According to the report released on Friday by TÜİK, Turkey’s Gross Domestic Product (GDP) increased by 36.7% at updated prices to stand at 12.12 trillion Turkish liras (€272.518 billion) in the January-March period, compared to the same interval in 2024. Regarding the previous quarter, Turkish GDP grew by 1% compared to the last quarter of 2024.
The data show that the industrial sector contracted by 1.8% between January and March compared to the same quarter last year, while manufacturing output fell by 2.4% and the agricultural sector declined by 2%. On the other hand, the construction sector experienced year-on-year growth of 7.3%, while Turkish household consumption grew by 2% compared to last year. Exports of goods and services remained unchanged, while imports increased by 3%.
‘Thanks to our economic programme, we are strengthening the foundations of sustainable high growth, increasing the resilience and dynamism of our economy,’ Turkish Finance Minister Mehmet Şimşek said via a message posted on the social network X (formerly Twitter). ‘We are quickly implementing the necessary measures against the effects that may arise during the disinflation process: we are supporting investment, employment, production and exports,’ he added.
The Turkish economy experienced 3.2% growth in 2024, after growing at 2.1% in the third quarter of the last year. By 2025, the OECD expects Turkey’s GDP to grow by more than 3%: that is, one point higher than expectations for the United States and almost three times higher than forecasts for the Eurozone.
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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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