Turkiye is the second highest growing country in the OECD

With its 4% growth recorded in the first quarter of the year, Turkiye managed to become the second highest growing country among the Organization for Economic Cooperation and Development countries and the third in the G20.

According to the compilation of OECD and Turkish Statistical Institute data, Turkiye carried its economic growth to the 11th quarter with its performance in the January-March period.

When Turkiye’s 4% growth rate is compared with other countries, it is seen that the country ranks second among EU and OECD countries and third among G20 countries.

Among OECD countries, Ireland ranked first with a growth of 6.4% in the January-March period of this year compared to the same quarter of the previous year. This country was followed by Turkiye, Israel and Costa Rica with 4% and Spain with 3.8%.

The average growth of OECD countries’ economies in the first quarter was estimated at 1.5%. In the said period, economic growth was 1.2% in the European Union (EU) and 1.3% in the Euro Area.

Among the countries whose data were announced in the OECD, Lithuania was the country whose economy shrank the most with minus 3.6%. This country was followed by Chile with minus 0.7% and Germany with minus 0.5%.

Indonesia has the highest growth rate in the G20

Indonesia had the highest growth rate of 5% among the G20 countries whose first quarter growth data were announced. This country was followed by China with 4.5%, Turkiye with 4%, and Saudi Arabia with 3.9%. On the other hand, Russia’s economy, which has been at war with Ukraine since February last year, shrank by 1.9% in this period.

Looking at the growth rates of EU countries, it was seen that Ireland took the first place. It was calculated that Turkiye ranked second and Spain third after this country.

Among the EU countries whose data were disclosed, the country whose economy contracted the most was Lithuania with 3.6%.

Source: Trthaber / Prepared by Irem Yildiz

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