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Turkiye's GDP sees 4% YoY increase in Q1 2023: TurkStat

31 May '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Turkish GDP grew by 4 per cent in Q1 2023 compared to Q1 2022, according to TurkStat.
  • The GDP also saw a slight 0.3-per cent QoQ increase.
  • The GDP value reached 4.631 trillion TRY ($245.464 billion), marking a significant 84.4-per cent increase.
  • The country's imports increased by 14.4 per cent YoY, while exports slightly fell by 0.3 per cent YoY.
Turkiye's Gross Domestic Product (GDP) witnessed a robust growth of 4 per cent in the first quarter (Q1) of 2023 compared to the same quarter in the previous year, according to data released by the Turkish Statistical Institute (TurkStat). The seasonally and calendar-adjusted GDP, measured using the chain-linked volume index (2009=100), saw a slight quarter-on-quarter (QoQ) increase of 0.3 per cent. Meanwhile, the calendar-adjusted GDP for the same index showed a 3.8-per cent increase compared to the first quarter of the previous year.

In terms of monetary value, Turkiye's GDP experienced a significant surge. It rose by 84.4 per cent to reach 4.631 trillion Turkish Lira (TRY) at current prices. This value translated to approximately $245.464 billion, underscoring the substantial growth in Turkiye's economy.

However, the nation's imports and exports painted a mixed picture. The imports of goods and services registered a significant increase of 14.4 per cent in the first quarter of 2023 compared to the same quarter in the previous year, as measured by the chained linked volume index. Contrarily, the exports of goods and services decreased slightly by 0.3 per cent over the same period, as per TurkStat.

Fibre2Fashion News Desk (DP)

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