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Turkish Economy Expands 7.6% Year-On-Year in Q2
Türkish economy grew 7.6% year-on-year in the second quarter of 2022, according to the country’s statistical authority on Wednesday.
The country’s gross domestic product (GDP) at current prices surged 114.6% to 3.4 trillion Turkish liras ($219.3 billion) in the April-June period, the Turkish Statistical Institute (TurkStat) said.
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During this period, while the annual sectoral growth was 7.8% in industry and 18.1% in services, construction decreased by 10.9% and agriculture by 2.9%. The economy thus recorded one of the highest growth rates in the G20.
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With this growth, Türkey became the second-fastest growing economy in the G20 after Saudi Arabia.
Final consumption expenditure of resident households increased by 22.5%, while the government’s final consumption rose by 2.3% in the second quarter compared with the same period last year.
The country’s economy grew 7.3% year-on-year in the first quarter.
