Latest Turkish economic growth statistics

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The Turkish economic took the ideal shape in the eyes of professionals and experts among economists,

as its growth in the first quarter of 2022

reached about 7.3%, mainly due to foreign

investments that noticed the fertility of the

Turkish market and the attractive environment

for investments in light of the tax and legal

facilities that the Turkish government worked

to secure, especially in The field of real estate

investment, which witnessed great prosperity,

especially in Istanbul, Ankara, Bursa and other cities.

Turkish economic growth statistics

The beginnings of this prosperity were in

2018, when the Turkish economic ranked 13th

in the world, and the gross domestic product

reached $784 billion, then in 2021 it rose to

11th place. In the Corona pandemic alone,

Turkey was able to turn the table in its favor,

unlike most countries, as its economy grew by 11.4%.

According to members of the Organization for

Economic Co-operation and Development

(OECD), they predicted in advance that the

Turkish economy will have a brilliant future, as

it will be one of the fastest growing

economies. This prediction came after the

average annual growth of real GDP to 5.4% between 2017-2020.

The Turkish economic grew by more than 11%

in the third quarter of 2017 on an annual

basis, and this is the fastest pace of growth

achieved by the Turkish economic in 6 years.

The Turkish government expected that the

economic growth for the same year would be only 7.4%.

And according to the data of the Turkish

Statistical Institute, the gross domestic

product in the third quarter grew by 1.2%

compared to the previous quarter. and the

Anadolu Agency stated at the time. that “the

growth of the Turkish economic exceeded the

growth rate in the European Union. the Group

of Twenty, and members of the Organization

for Economic Cooperation and Development.”

and that it achieved growth during The third

quarter increased by more than four times the

average European growth of 2.5%, and

indicated. that the domestic economy grew

by more than twice the rate of the second

quarter of the year. which amounted to 5.2%.

In 2021, the economy grew by 21.7% in the

second quarter of the year.

Turkish economic growth forecasts for 2023 – 2024

Monetary inflation is expected to slow to 8%

in 2023. Gross domestic product grew by 9%

in the first year and 5% in the second year.

The budget gap to the GDP ratio is 3.2% in

2023. It is expected that the volume of

exports will reach 242 billion US dollars in

2023 and 255 dollars at the end of 2024.

Investing in Turkey is the best choice for businessmen

Among the advantages of investing in Turkey,

which we mentioned in a previous article. is

that it enjoys a great strategic location, as it is

located between Europe and Asia. and this is

what makes it ideal for prompting you to start

investing in the real estate market.

It can be said, of course, that the main

reasons for the arrival of the Turkish economic

in 2023 to this extent of prosperity is its keen

interest in the field of energy. tourism and

travel, and I advise you to get acquainted with

the most important tourist cities in Turkey to

see the places that you must visit. especially

in Istanbul, as living is low in Turkish cities

compared to European countries make it an

ideal destination for tourism. as it did not

reach the sixth rank in the world for nothing

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