Turkey's Economy Records Lowest Growth Rate Since Pandemic
Turkey's economy grew by 2.3 percent in the second quarter of 2026, marking its weakest performance since the pandemic, with the agricultural sector leading the growth.
According to data from the Turkish Statistical Institute, Turkey's economy grew by 2.3 percent in the second quarter covering the April-June period of 2026. With this result, the consecutive 24-quarter growth streak continued, while the rate dropped to its lowest level since the pandemic period.
Second Quarter Growth Figures
According to the Gross Domestic Product results for the April-June period announced by the Turkish Statistical Institute, the economy registered an annual increase of 2.3 percent. A quarterly growth of 1.1 percent was calculated, maintaining an uninterrupted growth streak for 24 consecutive quarters in total.
GDP estimates at current prices increased by 36 percent annually to reach 19 trillion 869 billion 747 million liras. While the second-quarter value in US dollars stood at 438 billion 347 million dollars, the annualized national income exceeded 1.7 trillion dollars.
Sectoral Performance and Leadership of Agriculture
When activities are examined, the agriculture, forestry, and fishing sector ranked first with a 13.3 percent growth. Information and communication increased by 8.6 percent, while the industrial sector showed an increase of 2.4 percent.
The construction sector experienced a contraction of 1.9 percent during this period. Economists' expectation was for growth in the second quarter to materialize at the 2.8 percent level.
Consumption and Foreign Trade Balance
Consumption expenditures of resident households rose by 3.5 percent in the second quarter of the year. Exports of goods and services decreased by 3.4 percent, and imports dropped by 6.4 percent.
An increase of 36.7 percent was observed in labor compensation, and 38.7 percent in net operating surplus or mixed income. The share of labor compensation in value added was calculated as 38.1 percent.
Evaluations from Minister Şimşek
Treasury and Finance Minister Mehmet Şimşek stated that they expect growth to increase gradually alongside progress in the disinflation process and global conditions. A permanent increase in prosperity is targeted through the Medium-Term Program.
Şimşek emphasized that a balanced growth took place with the support of domestic and external demand, and that the annualized current account deficit remained at a sustainable level of 38.9 billion dollars.