Turkiye in Q2 posts 2nd-strongest growth rate among OECD countries in Q2

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.


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