Türkiye’s economy grew by 5.6 percent in 2022, with domestic consumption propping up the better-than-expected performance, according to official statistics released Tuesday.
The country’s economy expanded by 3.5 percent year on year in the last quarter of 2022, while the gross domestic product (GDP) per capita reached 10,655 U.S. dollars for the entirety of the year, the Turkish Statistical Institute said.
Domestic consumption grew by 19.7 percent in 2022, whereas investments, which had increased by 7.4 percent in 2020 and 2021, only grew by 2.8 percent in 2022.
The country’s export growth plummet to 9.1 percent in 2022, compared with 24.9 percent in the previous year.
In 2021, the Turkish economy bounced back strongly from the COVID-19 pandemic to expand by 11.4 percent, its highest rate in a decade.
The country’s economic growth was overshadowed by its annual inflation rate which reached a 20-year high of 85.5 percent last year, along with the impact of the global economic slowdown.
Türkiye’s annual inflation dipped to 57.68 percent in January and is predicted to continue to fall throughout the year. Yet the country was hit by massive earthquakes on Feb. 6 which will result in a hefty reconstruction expense and slower economic growth. ■