According to data issued by the Turkish Statistical Institute (TurkStat), Turkiye’s Gross Domestic Product (GDP) had a strong growth of 4% in the first quarter (Q1) of 2023 compared to the same quarter in the previous year. Using the chain-linked volume index (2009=100), the seasonally and calendar-adjusted GDP increased somewhat from quarter to quarter (QoQ) by 0.3%. When compared to the first quarter of the previous year, the calendar-adjusted GDP for the same index increased by 3.8%.
The gross domestic product (GDP) of Turkiye increased significantly in terms of money. At the current exchange rate, it increased by 84.4% to 4.631 trillion Turkish Lira (TRY). This amount equaled to $245.464 billion, demonstrating the economy of Turkiye’s significant expansion.
However, the nation’s imports and exports painted a mixed picture. The imports of goods and services registered a significant increase of 14.4 per cent in the first quarter of 2023 compared to the same quarter in the previous year, as measured by the chained linked volume index. Contrarily, the exports of goods and services decreased slightly by 0.3 per cent over the same period, as per TurkStat.
