Turkish economy expands by 5.7%

Türkiye’s economy has grown 5.7 per cent in the first quarter of 2024, on a yearly basis, the country's statistical office TurkStat revealed on May 31.

The country's gross domestic product (GDP) reached 8.8 trillion Turkish liras ($285.57 billion) in the January-March period, the statistical institute said, Anadolu Agency reports.

"When the activities which constitute gross domestic product were analyzed; the value added increased by 11.1 per cent in construction, 5.5 per cent in information and communication," it said.

In the last quarter of 2023, the country's GPD increased by 4 per cent.

An Anadolu survey this week predicted that Türkiye's GDP would increase by 5.9 per cent.

Mehmet Simsek, the treasury and finance minister, said Türkiye is taking decisive steps toward its goals.

"With our rational, predictable and rule-based policies, our economy is moving toward more balanced and sustainable growth," he stressed.

The contribution of net external demand to growth was positive by 1.6 points after five quarters, he said.

He highlighted that the seasonally adjusted unemployment rate fell to 8.7 per cent, the lowest level in 44 quarters.