Finance minister: Türkiye second fastest growing country in OECD, EU

Treasury and Finance Minister Nureddin Nebati has said that Türkiye’s economy as of the results of the first quarter of 2023 is the second highest-growing among the countries of the Organisation for Economic Cooperation and Development (OECD) and the European Union (EU).

The minister noted that Türkiye's economy rose 4 per cent year-on-year in January-March of 2023, Daily Sabah reports.

He highlighted Türkiye's unwavering commitment to investment, production and employment, even in the face of significant adversities such as the devastating earthquake and the difficult external environment.

Furthermore, Nebati emphasised on the importance of machinery and equipment investments in boosting potential production and fostering sustainable growth. He noted such investments experienced an 8 per cent growth compared to the previous year's first quarter, marking their uninterrupted increase for the 14th consecutive quarter. Nebati stressed that high growth was not the sole achievement in the first quarter, highlighting the inclusive nature of the growth.

Nebati also pointed out positive developments in employment, reporting an increase of 1.6 million employed individuals in the first quarter compared to the previous year. He announced that the unemployment rate had fallen below double digits, reaching 9.9 per cent.

Moreover, Nebati emphasized the government's efforts to support low-income and fixed-income groups, leading to a significant 6.8 percentage point increase in the share of labour payments in gross value added compared to the previous year's same period, reaching 38 per cent.

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

Türkiye's economy bounced back strongly from the COVID-19 pandemic and grew 5.6 per cent in 2022, extending its hot streak on strong domestic demand and exports, despite a slowdown in the main trading partners which hurt exports because of the Russia-Ukraine war in the second half of the year.