World - Europe Updated: May 31, 2023

Turkey’s Economy Surpasses Expectations With 4% Growth In Q1 2023

By Quadri Adejumo
May 31, 2023

Turkey's economy on Wednesday demonstrated resilience and exceeded expectations by registering a 4% year-on-year growth in the first quarter of 2023.

The latest data released by Turkstat on Wednesday showcased the country’s ability to rebound despite the challenges posed by the devastating earthquakes that struck the southern region in February.

The growth figure surpassed economists' projections, with a median estimate of 3.9% in a Reuters poll.

This robust performance reflects Turkey's commitment to investment, production, and employment, even amidst a challenging global financial environment.

Turkey’s growth in the first quarter was driven by substantial machinery and equipment investments, which experienced an impressive 8% growth compared to the previous year's first quarter.


This marks the 14th consecutive quarter of uninterrupted increase in such investments, underscoring the nation's dedication to bolstering potential production and fostering sustainable growth.

Moreover, the positive impact of these investments extended to the labor market, with an increase of 1.6 million employed individuals in Q1 compared to the previous year.

This, along with other government efforts, led to a decline in the unemployment rate, reaching 9.9% and further contributing to the inclusive nature of the country’s growth.


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Quadri Adejumo

Quadri Adejumo covers World News, Health, Climate & Humanitarian.

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