Türkiye’s economy grew 2.3% year-on-year in the second quarter of 2026, while annualized GDP rose to $1.71 trillion, Vice President Cevdet Yılmaz said.
ISTANBUL — August 31, 2026
Türkiye’s economy maintained its growth momentum in the second quarter of 2026 despite global economic uncertainties and geopolitical tensions, Vice President Cevdet Yılmaz said.
In a statement evaluating the country’s second-quarter growth figures, Yılmaz said the economy expanded 2.3% year-on-year in the April-June period. On a seasonally and calendar-adjusted basis, the economy grew 1.1% compared with the previous quarter.
Growth Streak Reaches 24 Quarters
Yılmaz said Türkiye’s uninterrupted growth performance had reached 24 consecutive quarters, while annualized national income climbed to $1.71 trillion.
“Growth stood at 2.5% in the first half of the year. This points to an economic outlook in which the rebalancing of domestic demand continues, net exports make a positive contribution to growth, and the industrial sector has returned to growth,” Yılmaz said.
He added that Türkiye’s economy had maintained its resilience despite downward revisions to global growth forecasts and heightened geopolitical tensions.
Agriculture and Industry Expand
On the production side, Yılmaz said the economy maintained a balanced sectoral outlook.
The agricultural sector grew 13.3% in the second quarter, gaining momentum after a strong recovery in the previous quarter.
The services sector expanded 1.6%, while construction activities within the sector contracted 1.9%.
Meanwhile, the industrial sector grew 2.4%, recovering after contracting in the previous quarter due to weaker external demand.
Consumption Rises 2.7%
On the expenditure side, total consumption expenditures increased 2.7%, which Yılmaz said reflected a moderate trend consistent with the ongoing disinflation process.
Gross fixed capital formation increased 0.6%, while machinery and equipment investments rose 1.6%.
Construction investment declined 0.9%, partly reflecting the completion of a significant portion of reconstruction and redevelopment activities in provinces affected by the 2023 earthquakes.
Net Exports Contribute Positively
External trade also supported growth during the quarter.
Imports fell 6.4%, a sharper decline than the 3.4% contraction in exports. As a result, net exports of goods and services contributed 0.6 percentage points to economic growth.
Yılmaz said the rebalancing of domestic demand had contributed to lower imports, while a partial recovery in external demand and support for manufacturing and exports helped limit the decline in exports.
Growth Expected to Fall Slightly Below 2026 Target
Yılmaz said economic policies would continue to focus on permanently establishing price stability while supporting balanced growth, strengthening macroeconomic stability, improving production and technological capacity, and promoting high-value-added production.
He noted that Türkiye’s GDP reached a record $1.6 trillion in 2025 and rose to $1.71 trillion on an annualized basis in the second quarter of 2026.
However, Yılmaz acknowledged that, given the 2.5% growth recorded in the first half of 2026, full-year growth is expected to come in somewhat below the target set under the Medium-Term Program (2026-2028).
He said the government would continue implementing policies aimed at strengthening technological capacity in industry, improving economic resilience and supporting high-value-added production.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök