Statement on Turkish economy growth from Trade Minister Ömer Bolat

Trade Minister Ömer Bolat announced that the Turkish economy recorded a growth rate of 2.3 percent in the second quarter of the year, thereby maintaining its uninterrupted growth for 24 quarters.

Second Quarter Growth Data

Trade Minister Ömer Bolat evaluated the Gross Domestic Product data for the second quarter of the year and reported that the Turkish economy recorded a growth of 2.3 percent.

This rate demonstrated the resilience shown by the economy during a period marked by challenging global conditions and increasing geopolitical risks.

Sectoral Contributions and Production

Net exports of goods and services made a positive contribution to growth, accounting for 0.6 percentage points of the 2.3 percent rate.

While the industry, services, and agriculture sectors positively contributed to the increase in national income, value added in the construction sector decreased by 1.9 percent.

Unemployment and Foreign Trade Balance

The unemployment rate stood at 8.1 percent in July, continuing to remain below 10 percent for the last 39 months.

Despite global uncertainties, declines were recorded in the foreign trade deficit and current account deficit compared to the same period of last year.

Investment and Consumption Expenditures

Private consumption was the item that provided the highest contribution to second-quarter growth with 2.3 percentage points.

Investment expenditures contributed 0.2 percentage points to growth, sustaining this support uninterruptedly for 7 quarters.

Year-End Targets and Reforms

Within the scope of year-end targets, it is aimed to achieve a performance of over 282 billion dollars in merchandise exports.

While targeting a total of 410 billion dollars in goods and services exports, it was emphasized that growth capacity will be increased through structural reforms.