UPDATE - Turkish economy grows by 2% in Q1

UPDATES WITH REMARKS BY TURKISH FINANCE MINISTER; EDITS

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's economy has grown by 2% year-on-year in the first quarter of this year, the Turkish Statistical Institute (TurkStat) announced on Friday.

Gross domestic product (GDP) at current prices soared 36.7% to 12.12 trillion Turkish liras ($335.5 billion) in January-March compared to the same period last year, TurkStat noted.

In the fourth quarter of 2024, the Turkish economy expanded by 3% year-on-year.

An Anadolu survey predicted last week that the GDP growth rate of the country would be 2.17%.

On a quarterly basis, Türkiye's GDP increased by 7% in the three months to March, down from 1.7% in the previous quarter.

Mehmet Simsek, the Turkish treasury and finance minister, said on X that the Turkish economy continues to grow moderately while disinflation continues.

The current account deficit-to-GDP ratio remained at a sustainable level of 0.9%, he stressed.

Simsek also noted: "We are swiftly implementing the necessary measures to address the potential effects of the disinflation process through a comprehensive approach. We are supporting investment, employment, production, and exports.

"With our program, we are strengthening the foundations of sustainable high growth by enhancing the resilience and dynamism of our economy."