Turkish GDP rises 4.5%, exceeding expectations. Strong domestic demand offset the impact of the slowdown in major trading partners and the devastating earthquakes in February 2023.
The Turkish economy has maintained its high growth performance for 14 consecutive quarters. Last month, Turkish President Recep Tayyip Erdogan said that many indicators show that his country is on the right path in the economy. The central bank expects inflation to rise from about 65% in December to 70-75% next May, before falling to about 36% by the end of the year.