Turkey’s economy grew faster than expected in the second quarter of the year

Photo by Francisco Seco (AP/Scanpix).

Turkey’s economy grew by 7.6% in the second quarter of the year compared to the same period last year, Trading Economics reports, based on the Turkish statistics service TurkStat. Turkey’s economy beat analysts’ expectations, with Turkey recording the highest inflation in the last 24 years.

Oil’s growth exceeded analysts’ forecast average, which was 7.5%.

In the first quarter of the year, according to the revised data, Turkey created a 7.5% stronger gross domestic product than a year ago.

In April, consumer spending increased by 22.5%, business investment by 4.7%, state spending by 2.3%. Exports increased by 16.4%, imports by 5.8%.

During the fourth quarter (the second quarter of the year compared to the first), the Turkish economy grew by 2.1%.

Turkish President Recep Tayyip Erdogan, in the run-up to next year’s elections, supports an economic model that prioritizes exports, production and employment, and this is done at the expense of price stability and currency.

Turkey’s longest-reigning leader, who is a moderate, is counting on the resilience of the economy and the economy to combat annual inflation that is likely to exceed 80% and the lira at a record high.

The president of Turkey considers the high salary to be the reason for the economic difficultiesand in the last year and a half, they have already replaced three heads of the central bank of the country, who adhere to a stricter monetary policy approach.

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