Turkish economy grew 7.6 percent in second quarter

The GDP growth accelerated from 7.3 percent in the first quarter of 2022 to 7.6 percent in the April-June period, data from the Turkish Statistical Institute (TÜİK) have showed.

On a seasonally and calendar adjusted basis, the economy grew 2.1 percent in the second quarter from January-March, up from the quarterly growth of 0.7 percent recorded in the previous quarter.

"We did not only achieve a robust growth performance in the second quarter growth but also the balanced growth continued for the fifth quarter in a row," said Treasury and Finance Minister Nureddin Nebati, hailing the latest GDP data.

He noted that the 7.6 percent is the second highest among all OECD and G-20 economies which released their second quarter data.

"The gains made based on the Türkiye Economic Model, which prioritizes growth and employment and supports production and exports will continue for the remainder of the year. The trademark of our economy is now sustainable and employment-focused growth," Nebati wrote on Twitter.

The strong annual growth in machinery and equipment investments over the past two and a half years continued in the second quarter, rising 17.8 percent, the minister stressed. "We welcome this as it means the expansion of our production capacity," he said.

According to data from TÜİK, the industry sector grew by 7.8 percent year-on-year, easing from the 8.2 percent growth in the first quarter with manufacturing output growing 9.1 percent, up from 8 percent.

The services sector, which grew 15.4 percent in the first quarter, expanded 18.1 percent in April-June, while real estate activities rose 4.1 percent in the second quarter, accelerating from the 3.8 percent expansion in January-March.

The contraction in...