UPDATE - Turkish economy grows 4.5% in 2023

UPDATING WITH OFFICIALS' COMMENTS

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish economy grew by 4.5% in 2023, the Turkish Statistical Institute announced on Thursday.

The official data showed that the country's GDP growth rate was also at 4% in the last quarter of the year.

The GDP with current prices reached $1.12 trillion in 2023, while the GDP per capita was $13,110.

The country's GDP growth rate was 4% in the first quarter, 3.9% in the second, and 6.1% in the third quarter.

In 2022, the growth rate was 5.5%.

An Anadolu survey predicted the country's economy will grow 3.97% in the last quarter and 4.4% in the whole year.

Turkish Vice President Cevdet Yilmaz said on X platform that Türkiye's GDP exceeded $1 trillion for the first time.

In an environment of political stability, confidence, and predictability in the economy, the government has maintained its growth performance uninterruptedly for 14 quarters.

Yilmaz added that the growth achieved during unfavorable geopolitical developments affecting the country's region, recovery from the earthquake, and decline in global trade activities shows the strength of Türkiye's economy.

Mehmet Simsek, the Turkish treasury and finance minister, said on the X platform that the economic growth of the Turkish economy exceeded the medium-term program's target by reaching a 4.5% level.

He said that one-third of the growth in 2023 came from machinery and equipment investments that increased the country's productive capacity.

"In line with our program, the rebalancing in growth that started in the third quarter of the year continued in the last quarter," he noted, adding:
"Indicators for 2024 point to the continuation of the rebalancing and the improvement in the current account deficit. We are moving towards our program targets."

Omer Bolat, the Turkish trade minister, also said on the X platform that Türkiye was in second place among OECD countries with its GDP growth rate in 2023.

"As the Ministry of Trade, we continue our efforts to strengthen our trade diplomacy, increase our exports, raise our competitiveness and make our country a center of attraction for investments," he added.