Türkiye's gross domestic product (GDP) expanded 4 percent year-on-year in Q1 2023, exceeding expectations and outpacing most peers, according to the data released by the Turkish Statistical Institute (TurkStat).
A close analysis of GDP activities demonstrated that the majority of the components, particularly services, financial and insurance activities, information and communication, construction, public administration, education, human health, and social work activities contributed positively to economic growth, with the exception of the industry sector, and agriculture, forestry and fishing.
The value-added increased by 12.4 percent in services, 12 percent in professional, administrative and support service activities, 11.2 percent in financial and insurance activities, and 8.1 percent in the information and communication sector.