Turkish economy expands 7.3% year-on-year in Q1

By Jeyhun Aliyev

ANKARA (AA) - Turkiye’s economy grew 7.3% year-on-year in the first quarter of 2022, according to the country's statistical authority on Tuesday.

The country's gross domestic product (GDP) at current prices increased 79.5% to 2.49 trillion Turkish liras ($179.8 billion) in the January-March period, the Turkish Statistical Institute (TurkStat) said.

It said that the value added increased the most among financial and insurance activities with 24.2%.

The figures rose 16.8% in information and communication, 14.9% in services, and 8.9% in professional, administrative and support service activities during the same period.

The industry sector activity also climbed by 7.4%, followed by a 6.8% increase in other service activities and 5.4% in real estate activities.

The public administration, education, human health and social work activities grew 5.2%, while agriculture jumped 0.9% in the January- March compared with the same quarter of the last year.

Meanwhile, the construction sector dropped by 7.2%.

The final consumption expenditures of resident households gained 19.5% in the same period, TurkStat said.

Exports of goods and services went up 16.8%, while imports rose 2.3%, it added.