UPDATE - Türkiye's economy grows 4% in Q1

Figure beats economists' expectations, while quarter-on-quarter growth rate in January-March comes in at 0.3%

UPDATES WITH MORE DETAILS

By Tuba Ongun

ANKARA (AA) - Türkiye's economy rose 4% year-on-year in the first quarter of 2023, beating the market forecast, according to data released on Wednesday.

Economists had expected Türkiye's GDP growth to be 3% on an annual basis in January-March.

The main reading followed a 3.5% annual growth in the final quarter of 2022.

Meanwhile, the GDP at current prices increased 84.4% to reach 4.63 trillion Turkish liras ($245.46 billion), Turkstat data showed.

On a quarterly basis, the Turkish economy grew 0.3% in the January-March period, slowing from 0.9% in October-December 2022.

Value added increased the most among the services -- wholesale and retail trade, transport, storage, accommodation, and food service activities -- constituting a gross domestic product of 12.4% from a year ago in the first quarter.

The figures rose 5.1% in the construction sector, but decreased 0.7% in industry and 3.8% in agriculture, forestry, and fishing during the same period.

Government final consumption expenditure grew 5.3%, while gross fixed capital formation climbed 4.9% in the first quarter of 2022 compared with the same quarter of last year.

The final consumption expenditures of resident households gained 16.2% in the same period, TurkStat said.

Kaynak:

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