Türkiye’s economy slows as second-quarter growth falls to 2.3%

Türkiye’s economy grew 2.3% year-on-year in the second quarter, official data from the Turkish Statistical Institute (TurkStat) showed.

The growth rate slowed compared with the first quarter. According to revised data, gross domestic product (GDP) increased 2.6% in January–March, rather than the previously reported 2.5%.

Türkiye’s economic growth has now slowed for four consecutive quarters. GDP growth in January–March was the weakest since the second quarter of 2020, when the economy contracted.

Growth in consumer spending slowed to 3.5% year-on-year in the latest quarter from 5.1% in the first quarter, while fixed investment growth eased to 0.6% from 3.1%.

Government spending declined 1.8%, compared with a 0.8% increase in the first quarter. Exports fell 3.4%, while imports decreased 6.4%.

On a quarterly basis, Türkiye’s GDP grew 1.1% in April–June, compared with 0.3% growth in the first quarter.

By Jeyhun Aghazada