Turkey Recorded 7.3% Growth in the First Quarter of 2022

The quarterly growth rates of countries can give various clues about their economies. Turkey is a country that shows continuous growth among developing countries in general. Turkey had achieved a growth momentum even when the global epidemic was effective. As a result, this continuity was also reflected in the growth figures for 2022. Growing 7.3% in the first quarter of 2022, Turkey achieved great success. So, what are the sectoral data on growth figures?

First Quarter Growth Data Announced

Turkish Statistical Institute (TUIK) announced the gross domestic product (GDP) data covering the period from January to March 2022. According to the data, the Turkish economy grew by 7.3 percent in the first quarter of 2022. With this growth rate, Turkey has left many countries in the world behind.

According to the production method, GDP at current prices increased by 79.5% compared to the same period of the previous year. Accordingly, the first quarter value of GDP in US dollars was 179 billion 800 million dollars.

Growth in Finance Sector and Insurance Activities Draws Attention in the First Quarter of 2022

Although there is a growth in all sectors in general, the growth in the finance sector and insurance activities stands out in 2022. On a sectoral basis, finance and insurance activities grew by 24.2%, and information and communication activities by 16.8%. The increase in national and international foreign investments in the financial sector can also be considered the main factor in growth. The R&D studies carried out by the Turkish Space Agency and other public institutions have increased their investments in information and communication.

On the other hand, services increased by 14.9 percent, professional, administrative, and support service activities increased by 8.9 percent, industry by 7.4 percent, and other service activities by 6.8 percent. This increase is expected to continue with public services through municipalities and the integration of private sectors into service sectors.

Real estate activities increased by 5.4 percent, public administration, education, human health, and social service activities increased by 5.2 percent, and agriculture by 0.9 percent. Particularly, state support in the field of real estate and developing metropolitan cities are effective in increasing investments.

Treasury and Finance Minister Says: “Balanced Growth” Will Continue

After the first-quarter growth figures, Nurettin Nebati, the Minister of Treasury and Finance of the Republic of Turkey, made a statement. Nebati said that Turkey has positively differentiated from other countries thanks to its policies that support production. According to Nebati, despite the increase in input costs due to events on a global scale, Turkey's growth increased. The Minister shared the following data regarding the growth figures:

“In the first quarter, the contribution of domestic demand to growth was 3.9 percent, while net foreign demand contributed 3.5 percent to growth. Machinery and equipment investments, which are important in terms of strengthening production capacity, increased by 10.5 percent. The balanced growth composition that took place since the beginning of 2021 continued in the first quarter of 2022.”

Here, the fact that the domestic and foreign markets are close to each other stands out to ensure balanced growth.

Resident Household Consumption Increased

The increase in household consumption is important to ensure the continuity of domestic and foreign demand. In 2022, household expenditures increased by about 20% compared to the previous year. According to the data, consumption expenditures of resident households increased by 19.5 percent as a chained volume index. On the other hand, the final consumption expenditures of the government increased by 0.9 percent. Moreover, the gross fixed capital formation increased by 1.1 percent.  

Exports of Goods, Services and Compensation of Employees Also Increased in the First Quarter of 2022

Exports of goods and services increased by 16.8 percent in the first quarter of 2022 compared to the same quarter of the previous year. On the other hand, wages for labor increased significantly. Labor payments increased by 59.7 percent in the first quarter of 2022 compared to the same quarter of the previous year. Net operating surplus/mixed income increased by 88.1 percent. The added value of labor payments in GDP was 31.5%.

Finally, economists were expecting a growth rate of 7.2% for Turkey in the first quarter of the year. With 7.3%, this rate has already been exceeded. If this momentum is maintained, overall growth is expected to exceed 2021 in 2022.

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