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By News Centre

The Turkish Statistical Institute (TÜİK) has announced the Gross Domestic Product (GDP) results for the first quarter of the year (January–March period). Accordingly, the country’s economy grew by 2.5 percent in the first quarter. Thus, the Turkish economy has recorded growth for 23 consecutive quarters.

The GDP estimate at current prices, calculated by the production method, increased by 35.7 percent in the first quarter compared to the same period last year, reaching 16 trillion 999 billion 977 million lira. The first-quarter GDP in current prices amounted to 389 billion 598 million US dollars. The annualized GDP size also reached its highest level at 1.64 trillion dollars.

When examining the activities that make up GDP, compared to the previous year in the first quarter, information and communication activities grew by 9.5 percent, other service activities by 5.2 percent, agriculture by 4.6 percent, trade, transport, accommodation and food services by 3.7 percent, financial and insurance activities by 3.5 percent, construction by 3.2 percent, real estate activities by 3 percent, taxes on products minus subsidies by 2 percent, professional, administrative and support service activities by 1.9 percent, and public administration, education, human health and social services by 1.8 percent.

The industrial sector, however, contracted by 0.8 percent. Economists had expected Turkiye’s economy to grow by 2.7 percent in the first quarter. The average growth forecast of economists for the entire year 2026 had been 3.3 percent.

Final consumption expenditures of resident households increased by 4.8 percent in the first quarter of 2026 compared to the same quarter of the previous year. Government final consumption expenditures rose by 2.1 percent, while gross fixed capital formation increased by 3 percent. Exports of goods and services grew by 12.7 percent in the first quarter of 2026 compared to the same period last year, while imports decreased by 2 percent. In the first quarter, the largest contribution to growth came from household consumption, adding 3.4 percentage points. Investments contributed 0.8 percentage points, inventories 0.5 percentage points, and public consumption 0.2 percentage points. Net exports, meanwhile, dragged growth down by 2.5 percentage points.

Vice President Cevdet Yılmaz: Vice President Cevdet Yılmaz evaluated the first-quarter growth data. Yılmaz stated: “The Turkish economy is maintaining its resilience during a period when multiple global crises are intensifying. The realized growth rates present a picture consistent with the targets of the macroeconomic stabilization program we are implementing and with the sustainable and crisis-resistant structure established in the economy. In line with the main direction and objectives we have set within the Medium-Term Program, we are implementing, without compromise, policies that increase the productivity of our economy and strengthen its resilience against shocks.”

Minister of Treasury and Finance Mehmet Şimşek: Minister of Treasury and Finance Mehmet Şimşek emphasized that they will continue to implement policies that strengthen macroeconomic stability, reinforce resilience, and permanently increase citizens’ welfare levels. Referring to the impact of global demand conditions and high commodity prices, Şimşek noted that in the first quarter, the annual current account deficit reached 39.7 billion dollars, corresponding to 2.4 percent of national income, and continued: “We are going through a period in which the short-term effects of the war in our immediate geography are being felt. While taking necessary steps to limit these effects and support our real sector, we maintain our disciplined stance in the budget.”

Minister of Trade Ömer Bolat: Minister of Trade Ömer Bolat stated that the growth performance in the first quarter of this year confirms the resilience of the national economy amid persistently challenging global conditions. Bolat provided information that per capita national income continued its upward momentum from last year, reaching an all-time high of 18,040 dollars. Noting that a moderate outlook in the current account balance has been maintained, Bolat said: “We will continue our efforts without interruption to achieve a performance above the year-end target of 410 billion dollars in goods and services exports, and to sustain and further strengthen the growth momentum.”