Minister sees first-quarter growth at 7 pct

Leading indicators point to a 7 percent economic growth in the first quarter of 2022, Treasury and Finance Minister Nureddin Nebati said yesterday, reiterating the government's determination to fight inflation.

"By looking at the indicators, we can confidently say that the strong and balanced growth continued in the first quarter. The data to be released tomorrow hopefully will confirm this," said Nebati in a speech he delivered at the General Assembly of the Banks Association of Turkey in Istanbul.

The minister recalled that the country's industrial production grew more than 10 percent on an annual basis in the January-March period, the number of employed people neared 30 million in March and the 12-month exports climbed to $240 billion in April.

"The Turkish economy continues to create jobs and support production on a sustainable path," Nebati said.

Despite the global challenges, the Turkish Economic Model, which is designed to address the current account deficit problem and the underlying causes, ensured a consistent and strong growth, Nebati said.

The country's economy grew by 9.1 percent in the final quarter of 2021, while the whole year growth was 11 percent.

The annual growth rates were 7.2 percent and 22 percent in the first and second quarters of last year, while the economy expanded 7.5 percent in the three months from July to September.

The Turkish Statistical Institute (TÜİK) is set to release the growth data for the quarter today.

Fight against inflation

Nebati also reiterated that the government is working to make sure that price stability is achieved.

"We see inflation as a matter which should be tackled by concerted efforts by all stakeholders. We think that the...