Türkiye’s economy expanded 2.5 percent year-on-year in the first quarter of 2026, official data showed on June 1.
“Despite facing multiple shocks, our economy has maintained uninterrupted growth for 23 consecutive quarters, said Finance Minister Mehmet Şimşek, commenting on the GDP data, adding that annualized national income has exceeded $1.6 trillion.
“Although rising energy costs have led to a temporary slowdown in the disinflation process, our determined stance in the fight against inflation continues, and ensuring lasting price stability remains our top priority,” he noted in a statement.
“We will continue to implement policies that strengthen macroeconomic stability and reinforce our resilience, while ensuring sustainable high growth through high value-added production and exports,” said Şimşek.
Gross domestic product (GDP), measured by the chain-linked volume index, grew 2.5 percent in the January-March period compared with the same quarter a year earlier, according to the Turkish Statistical Institute (TÜİK).
The growth rate slowed from 3.4 percent in the previous quarter and came in slightly below market expectations of 2.7 percent.
At current prices, GDP rose 35.7 percent year-on-year to 16.99 trillion Turkish Liras ($389.6 billion) in the first quarter.
Among sectors, information and communication recorded the strongest annual growth, with value added increasing 9.5 percent.
Other service activities grew 5.2 percent, followed by agriculture, forestry and fishing at 4.6 percent, trade, transportation, accommodation and food services at 3.7 percent, financial and insurance activities at 3.5 percent, and construction at 3.2 percent.
Real estate activities expanded 3 percent, while taxes less subsidies on products increased 2 percent.
Professional, administrative and support service activities rose 1.9 percent, and public administration, education, human health, and social work activities increased 1.8 percent.
The industrial sector, however, contracted 0.8 percent during the period.
On the expenditure side, final consumption expenditure of households rose 4.8percent year-on-year in the first quarter, slowing from 5.2 percent in the previous quarter. The share of final consumption of households in the country’s GDP was 57.7 percent in the January-March period. It was 54.8 percent in the final quarter of 2025 and 56.4 percent in the first quarter of last year.
Government final consumption expenditure, which declined 0.9 percent year-on-year in the final quarter of 2025, increased 2.1 percent.
Gross fixed capital formation climbed 3 percent annually, after rising 5.4 percent annually in the fourth quarter of last year, the data showed.
Exports of goods and services declined 12.7 percent year-on-year, while imports of goods and services fell 2 percent.
