THE CONTRIBUTION OF NET EXPORTS TO GDP GROWTH IS NEGATIVE
Ozan Bakış, Hamza Mutluay
The Turkish economy grew by 3.5 percent in the last quarter of 2022. Thus, the annual growth for 2022 was recorded at 5.6%. Private consumption was the key driver of the growth, accounting for 9.1pp. The contribution of net foreign trade (0.7pp in the previous quarter) was -5.7pp. Changes in inventories pulled the growth down by 1.8pp. According to the seasonally and calendar-adjusted series, the Turkish economy grew 0.9% on quarter in the last quarter of 2022. While private consumption contributed 3.1pp to quarterly GDP growth, net foreign trade’s contribution was -2.0pp. Investments pushed the quarterly growth by 1pp, while the changes in inventories drove quarterly growth down by 1.2pp.