Economy of Turkey

The Turkish Statistical Institute (TÜİK) will release the economic growth data for the first quarter on May 31.

The Turkish economy grew 5.6 percent last year with its GDP expanding 3.5 percent in the final quarter of 2022 from a year earlier.

The European Bank for Reconstruction and Development (EBRD) has predicted in its latest Regional Economic Prospects report that Türkiye's earthquake-hit economy will grow 2.5 percent in 2023.

This was lower than the 3 percent growth GDP expansion forecast in the previous report.

The Turkish growth is expected to bounce to 3 percent in 2024, according to the developments bank.

Former Turkish economy minister Kemal Dervis, August 21, 2002, in Ankara. Photo: EPA PHOTO EPA/TARIK TINAZAY

Companies are planning to make more investments in Türkiye's white goods manufacturing industry, says Gökhan Sığın, the CEO of BSH Türkiye and president of the White Goods Manufacturers' Association of Türkiye (TÜRSKBED).

The Istanbul Finance Center (IFC) is an important project for the Turkish economy that will allow international funds to flow into the country, Environment, Urbanization and Climate Change Minister Murat Kurum has stated.

"The Istanbul Finance Center project will have a very important place in the future of the Turkish economy," Kurum said at a news conference at the IFC.

The GDP growth expectations for 2023 remain unchanged at 3.5 percent, the Central Bank's Survey of Market Participants have shown.

Participants' growth forecast for next year is 4.4 percent, also unchanged from the previous month's survey.

Most of the targets set out in the Türkiye Economy Model have been met, Treasury and Finance Minister Nurettin Nebati has said.

The Turkish economy has grown in the past 10 quarters, as investments are continuing, the minister told state broadcaster TRT Haber in an interview.

The Istanbul Financial Center (IFC) will open on April 17, Environment, Urbanization, and Climate Change Minister Murat Kurum has said.

A ceremony will be held to deliver houses in the Fikirtepe neighborhood to be attended by President Recep Tayyip Erdoğan, Kurum said during a visit in Istanbul.

Türkiye's chemicals industry generated a total of $7.4 billion in export revenues in the first three months of 2023.

This corresponded to 12.1 percent of the country's total export revenues in January-March, which stood at $61.6 billion.

The World Bank has revised upwards its 2023 and 2024 GDP growth estimates for the Turkish economy in its Europe and Central Asia Economic Update report.

The bank expects the Turkish economy to expand at 3.2 percent in 2023, up from a previous 2.7 percent, while it lifted its growth estimate for 2024 from 4 percent to 4.3 percent.