Turkish economy expands by 5.6% in 2022

The Turkish economy expanded by 5.6% in 2022, on a yearly basis, according to official figures revealed on Tuesday.

The country's gross domestic product (GDP) reached 15 trillion Turkish liras ($905.5 billion) last year, the TurkStat announced.

The GDP per capita was 176,589 Turkish liras ($10,655) in 2022, it added.

Households' spending was up by 19.7% in 2022, on a yearly basis, while the share of their consumption expenditures in the country's GDP was at 57.5%.

"Exports of goods and services increased by 9.1%, imports increased by 7.9% compared to the previous year's chain-volume index in 2022."

In the last quarter of 2022, the GDP increased by 3.5% versus the last quarter of 2021.

The average GDP growth rate was 1.1% in the OECD area in the last quarter of 2022.

The rate was 1.8% for the EU, 1.9% for the euro area, and 1% for G7 countries.