Country’s economy grows 3.8% year-on-year in 2nd quarter of 2023, behind only Ireland’s 5.1% annual GDP growth rate
Turkiye boasted the second-strongest growth rate among Organization for Economic Cooperation and Development (OECD) countries, for which data are available, in the second quarter of this year.
Turkiye’s economy grew 3.8% year-on-year in April-June, second only to Ireland’s 5.1% annual GDP growth rate.
Mexico was the third-fastest growing country in the OECD area, with an annual growth rate of 3.5% in the second quarter.
Meanwhile, the economy of the small Baltic state of Estonia bordering Russia contracted the most in the same period, with its gross domestic product (GDP) falling 3% from last year.
The GDP in the OECD area rose 1.5% annually in the three months to this June, and in the 27 members of the European Union, GDP was up 0.5%.
Among G-20 countries for which data is available, China saw the highest annual growth in the second quarter with 6.3%, followed by Indonesia (4.9%), Turkiye, and Mexico.
Turkiye’s GDP at current prices surged 60.7% from last year to 5.5 trillion Turkish liras ($271.5 billion) in April-June.
On a quarterly basis, the Turkish economy grew 3.5% in the three months to June, shifting from a 0.1% contraction in the previous period.