Turkish economy grew by 5.6% in 2022 and placed its Gross Domestic Product at 905.5 billion dollars, according to official data published today. Turkish GDP growth over the past year exceeds market expectations, despite the fact that the economy of the Eurasian country cooled down during the second half of 2022 due – among other factors – to a drop in external demand, with a GDP that grew at only 3.5% during the 4th quarter of the year after having grown at 7.8% and 4% during the 2nd and third quarters, respectively. With these data, Turkey’s GDP per capita reached $10,655 in 2022. Financial activities grew by 21.8%, followed by the services sector (11.7%), while domestic consumption grew by 19.7% in 2022. In 2023, the Turkish economy is expected to be partially affected by the earthquakes in southeastern Turkey (damage equals 10% of Turkish GDP), with a growth forecast for this year of 3%.
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Edited and reviewed by:
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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