Turkish economy grew 5.6 percent in 2022, data show

ANKARA

Türkiye’s economy expanded by 5.6 percent in 2022, while growth stood at 3.5 percent in the fourth quarter of 2022, down from a revised 4 percent in the third quarter and 7.8 percent in the second quarter, official data showed yesterday.

In 2022, finance and insurance activities grew 21.8 percent, followed by the services sector, which rose 11.7 percent, data from the Turkish Statistical Institute (TÜİK) showed.

The only contraction was recorded in the construction sector, which shrank 8.4 percent, the data showed.

Household spending, estimated to account for more than half the economy, grew an annual 16.1 percent during the final quarter of the year, though there was some loss of momentum from the previous three-month period.

Government spending also rose 9 percent, the fastest pace of growth since the presidential elections in 2018.