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Financial News: Turkey Q2 GDP Growth Improves Slightly

Turkey Q2 GDP Growth Improves Slightly

08/31/2022 - 05:35:00 (RTTNews)

(RTTNews) - Turkey's economic growth improved marginally in the second quarter, after easing in the previous quarter, data from the Turkish Statistical Institute showed on Wednesday.

Gross domestic product advanced 7.6 percent year-over-year in the June quarter, just above the 7.5 percent rise in the March quarter.

Financial and insurance activities contributed the most to the GDP in the second quarter, with an increase of 26.6 percent. Activities in services also surged 18.1 percent and those for professional, administrative and support service activities gained 11.0 percent.

Among expenditure components, final consumption of resident households grew sharply by 22.5 percent over the year, and government final consumption and gross fixed capital formation increased by 2.3 percent and 4.7 percent, respectively.

Exports registered a double-digit growth of 16.4 percent, while imports rose only by 5.8 percent.

On a quarterly basis, GDP rose at a faster pace of 2.1 percent in the second quarter, following a 0.7 percent increase in the preceding three-month period.

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