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30-05-23

Turkish Economy Expected to Post 3.74 Percent Annual Growth in First Quarter

(MENAFN) According to a survey conducted by Anadolu, the Turkish economy is projected to have achieved an annual growth rate of 3.74 percent in the first quarter of this year. The official first-quarter GDP figures, which will provide a comprehensive analysis of the economic performance during that period, are set to be released by the Turkish Statistical Institute on Wednesday.

Anadolu's survey encompassed the opinions of 19 economists, who provided their GDP growth forecasts for the first quarter. The range of projections varied between 2.5 percent and 5.5 percent, highlighting the diversity of perspectives among experts. The survey also explored expectations for the year-end GDP growth rates, which varied between 2.5 percent and 3.5 percent. The average forecast for the year-end GDP growth rate was 2.93 percent.

Comparing these projected figures with the previous quarters, the Turkish economy experienced a robust growth of 7.6 percent in the first quarter of 2022, indicating a significant expansion during that period. However, the growth rate slowed down to 3.5 percent in the last quarter of the same year. The current projection of 3.74 percent for the first quarter of this year suggests a moderate growth rate in comparison to previous quarters but still reflects a positive trajectory for the Turkish economy.

These anticipated growth figures hold significance for various stakeholders, including investors, policymakers, and businesses. They provide insights into the overall economic performance, helping to shape strategic decisions and expectations. While the projections indicate a positive growth trend, it is crucial to await the official release of the Turkish Statistical Institute's GDP figures to gain a comprehensive and accurate understanding of the first quarter's economic performance.

The survey results highlight the varying expectations among economists, underscoring the complexity of forecasting economic growth. Several factors, such as domestic and global economic conditions, fiscal and monetary policies, and geopolitical developments, can influence the actual growth figures. Therefore, continuous monitoring and analysis of economic indicators remain essential to assess the trajectory of the Turkish economy and its potential for sustained growth in the future.

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