Categories: Business

Turkish Economy Expands 7.6% Year-On-Year in Q2

Türkey’s economy grew 7.6% year-on-year in the second quarter of 2022, according to the country’s statistical authority on Wednesday.

The country’s gross domestic product (GDP) at current prices surged 114.6% to 3.4 trillion Turkish liras ($219.3 billion) in the April-June period, the Turkish Statistical Institute (TurkStat) said.

During this period, while the annual sectoral growth was 7.8% in industry and 18.1% in services, construction decreased by 10.9% and agriculture by 2.9%. The economy thus recorded one of the highest growth rates in the G20.

With this growth, Türkey became the second-fastest growing economy in the G20 after Saudi Arabia.

Final consumption expenditure of resident households increased by 22.5%, while the government’s final consumption rose by 2.3% in the second quarter compared with the same period last year.

The country’s economy grew 7.3% year-on-year in the first quarter.

Follow us on:

AriseNews

Recent Posts

President Tinubu Orders Probe Into Prosecution Of Minors From #EndBadGovernance Protests

President Tinubu has ordered an investigation into the arrest, prosecution of minors involved in #EndBadGovernance…

9 hours ago

Musk’s Lawyer Defends $1M-a-Day Giveaway, Denies Illegal Lottery Claims

Musk's $1M giveaway is under legal scrutiny in a Pennsylvania court case as it targets…

9 hours ago

Badenoch Unveils Shadow Cabinet with Jenrick As Shadow Justice Secretary, Patel As Shadow Foreign Secretary

Kemi Badenoch has appointed former rivals Jenrick, Patel, and Stride to senior roles in her…

9 hours ago

Boeing Workers Vote On New Contract To End Seven-Week Strike

Boeing workers voted Monday on a new contract to end a seven-week strike

9 hours ago

Former Delta Governor Ifeanyi Okowa Arrested By EFCC For Alleged N1.3 Trillion Diversion

EFCC has arrested ex-Delta governor Ifeanyi Okowa for alleged misuse of oil derivation funds, diverting…

9 hours ago

Search for Missing Persons Continues After Deadly Valencia Floods

Barcelona faces severe flooding as search and rescue efforts continue.

12 hours ago