Turkey's Economy Showed Growth in 2022

Turkey's economy grew by 5.6% in 2022, a study by the Turkish Statistical Institute (TÜIK) shows.

Sectors. In 2022, financial and insurance activity grew by 21.8%, followed by the services sector, which strengthened by 11.7%. The only decrease was recorded in the construction sector, which declined by 8.4%.

Consumption. Household spending, which is estimated to account for more than half of the economy, grew 16.1% year-on-year during the last quarter of the year, although there was some loss of momentum compared to the previous three-month period.

Government spending also increased by 9%, which was the fastest growth rate since the presidential election in 2018.

Source: Hurriyet Daily News
Photo by Noyan Ekin on Unsplash

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