Türkiye's gross domestic product (GDP) increased by 3.8 percent year-on-year in Q2 2023, outpacing most peers, according to the data released by the Turkish Statistical Institute (TurkStat). With this figure, Türkiye has been the 4th fastest growing economy in the world and 2nd among OECD member countries. Compared to the previous quarter, the Turkish economy grew by 3.5 percent in the same period, marking the highest quarterly increase globally.
A close analysis of GDP activities revealed that private consumption, government consumption and investment expenses contributed positively to economic growth.
In the second quarter of 2023, Türkiye's GDP at current prices reached USD 271.5 billion and annualized GDP exceeded the USD 1 trillion threshold for the first time in its history, where the IMF expectations were to catch up to this level by the end of 2023.