Türkiye economy grows by 4% in Q1 of 2023

Türkiye’s economy grew by four percent in the first quarter of 2023 on a yearly basis in comparison to expectations of a three percent slowdown, CNBC reported on Wednesday.

During the first quarter of 2023, the country witnessed a group of earthquakes that killed thousands and led to a loss of billions of dollars.

The net domestic output recorded 0.3 percent from January to March in comparison to the same period last year.

It went down from last year’s 0.9 percent during the fourth quarter of 2022, according to the Turkish Statistics Office.

The data also showed that the growth was due to the families’ consumption, which increased by 16.2 percent, while the government’s consumption went up by 4.9 percent.