PRIVATE CONSUMPTION REMAINS A KEY DRIVER OF POSITIVE ECONOMIC GROWTH
Ozan Bakış ve Hamza Mutluay
The Turkish economy grew by 4.0 percent in the first quarter of 2023. Private consumption was the key driver of the growth, accounting for 9.1pp. The contribution of net foreign trade was -5.3pp. Changes in inventories pulled the growth down by 2.0pp. According to the seasonally and calendar-adjusted series, the Turkish economy grew 0.3% on quarter in the first quarter of 2023. While private consumption contributed 0.2pp to quarterly GDP growth, net foreign trade’s contribution was -1.8pp. Government spending resulted in a 0.4pp reduction in the quarterly growth.