The Turkish economy expanded 7.6% in the second quarter.

According to figures from the Turkish Statistical Institute (TÜIK), the GDP growth increased from 7.3 percent in the first quarter of 2022 to 7.6 percent in the months of April through June.

In the second quarter from January to March, the economy expanded by 2.1 percent on a seasonally and calendar-adjusted basis, up from the 0.7 percent quarterly growth seen in the first quarter.

Treasury and Finance Minister Nureddin Nebati praised the most recent GDP figures, saying, “We did not only achieve a powerful growth performance in the second quarter growth, but also the balanced growth sustained for the sixth quarter in a row.”

The second-highest rate among the OECD and G-20 economies that have disclosed second quarter statistics is 7.6 percent, he observed.

“The progress made in line with the Türkiye Economic Model, which prioritizes employment and growth while promoting production and exports, will last the rest of the year. Sustainable, employment-focused growth is now our economy’s defining characteristic, according to Nebati on Twitter.

The minister emphasized that the second quarter saw a continuation of the robust yearly growth of machinery and equipment investments over the previous two and a half years, which increased by 17.8%. We are happy about this because it implies we can increase our production capacity, he remarked.

TÜK data show that the industry sector expanded by 7.8 percent year over year, slowing from the first quarter’s 8.2 percent growth. Manufacturing output increased by 9.1 percent, up from 8 percent.

While real estate activities increased 4.1 percent in the second quarter, picking up speed from the 3.8 percent growth in the first to second quarters, the services sector, which had grown by 15.4 percent in the first quarter, increased by 18.1 percent in April to June.

Agriculture’s contraction widened in the second quarter as the rate of output decline accelerated from 1.5 percent in the first quarter to 2.9 percent in the second. A 10.9 percent year-over-year decline in the construction industry’s output was added to the 7.7 percent decline in the sector’s output during the first quarter.

After increasing by 25.7 percent, the financial and insurance industry rose by 26.6 percent.

After rising by 21.5 percent in the first quarter, households’ final consumption climbed by 22.5 percent in the second quarter. However, from 58.5 percent in the first quarter to 57.4 percent, the GDP’s proportion of household spending fell.

Government final spending increased by 2.3 percent in the second quarter after increasing by 3.1 percent from January to March.

From 4.2 percent to 4.7 percent, the rise in gross fixed capital formation quickened.

TÜK reported that while imports increased by 2.2 percent, exports of products and services surged by 16.4 percent, up from 14.8 percent in the first quarter.

In the second quarter of 2022, the GDP, at current exchange rates, was 3.4 trillion Turkish Liras, or $219 billion.

While the percentage of net operational surplus/mixed income climbed from 47.6 percent to 54 percent, the proportion of employee compensation in gross value added decreased from 31.2 percent in the second quarter to 25.4 percent.