The Turkish Statistical Institute (TurkStat) reported a robust growth figure of 4.5 percent in the Turkish economy for 2023, exceeding the USD 1 trillion threshold for the first time in its history.
“Approximately one-third of the growth in 2023 came from machinery and equipment investments" commented Minister of Treasury and Finance and Mehmet Şimşek, adding, “We are moving towards more qualified growth with the investments and exports we strongly support."
The strong performance started off at a high note, recording 4 percent growth in the first quarter of 2023, 3.9 percent in the second quarter, 6.1 percent in the third quarter, and soaring to 4 percent in the last quarter.
While the Turkish economy has been growing annually for the last 14 quarters consecutively, per capita income reached USD 13,110 in 2023, positioning Türkiye as the fastest-growing country among the EU countries.