The Turkish economy grew by 7.6 percent in the second quarter of the year, led by the finance, services and industry sectors, above expectations.
Commenting on the growth data, business representatives pointed out that the figures are satisfactory.
ISO: STRONG GROWTH PERFORMANCE MAINTAINED
Erdal Bahçıvan, Chairman of the Board of Directors of the Istanbul Chamber of Industry (ISO), stated that Turkey grew by 7.6 percent in the second half of the year and achieved a growth score in line with its high growth-oriented target, emphasizing that the economy maintained its strong growth performance throughout the first half of the year.
Bahçıvan said, “Although the annual growth rate of our industry, which was 8.2 percent in the first quarter, decreased to 7.8 percent in the second quarter, we can say that it has maintained its resilient appearance by showing a parallel course with the growth of Turkey. This resistance is reflected in the growth of 8 percent in the first quarter, especially in the manufacturing sector, by 9 percent in the second quarter. We can see it more clearly when it goes up to ,1.” made its assessment.
Bahçıvan said that the industrial sector maintains its share in growth by looking at the data.
“While the industry continues to make a valuable contribution to growth, we have to say that a stagnation is also manifesting itself slightly. Especially the Turkey Manufacturing PMI data that we announce every month as ISO and the possible negative effects of the recession news coming from Europe in our exports indicate that there may be a loss of momentum in the growth of our economy.
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These leading indicators in the current quarter reveal to us how important it is to end the current problems and expectations of the industry for our industry to continue its steady contribution to growth.
ITO: HOLYING
Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç said, “The 7.6 percent growth achieved by the Turkish economy in the second quarter of the year, in a process where the global economy has slowed down, is promising for the future of employment, production and exports. This growth, realized both quarterly and annually, It is also proof that we are advancing on a stable development path.” used the phrases.
MÜSİAD: ACCELERATION OF INVESTMENTS IS REMARKABLE
Mahmut Asmalı, Chairman of the Independent Industrialists’ and Businessmen’s Association (MUSIAD), stated that they found it very valuable that the Turkish economy grew by 7.6 percent in the second quarter of the year, when the global economy was severely shaken by the Russia-Ukraine War, before the global economy had fully recovered from the Kovid-19 shock. expressed.
In this period, when China grew by 0.4 percent, the USA by 1.7 percent, the United Kingdom by 2.9 percent, and the Euro Zone by 3.9 percent, Turkey ranked 2nd in the G20 global economy. Expressing that they are positively differentiated within the economy, Asmalı said, “In addition to the domestic demand, which contributed 13.9 points to the said growth, the positive effects of net foreign demand by 2.7 points and investments by 1.2 points indicate that the Turkish economy has achieved a homogeneous growth. It has been a very important indicator.” made its assessment.
Noting that investments, whose contribution to growth was quite limited with 0.3 points in the first quarter, accelerated in the second quarter is a remarkable development, Asmalı said, “In this period, the 9.1 percent expansion in the manufacturing industry and the 18.1 percent growth in the services sector. “The increase also contributed significantly to the strong course of growth. We expect the contraction in the construction and agriculture sectors to turn positive in the second half of the year.” made the statement.
ATO: IMPORTANT FOR ITS RESISTANCE AGAINST CHALLENGES
Ankara Chamber of Commerce (ATO) President Gürsel Baran, regarding the 7.6 percent growth figure achieved in the Turkish economy in the second quarter of the year, said, “The growth achieved despite conditions affecting the global economy such as pandemic, disruption of supply chains, Russia-Ukraine War, energy problems, It is important in terms of showing the resilience of the Turkish economy against difficulties and the dynamism of the real sector.” used the phrase.
ASKON: IT WILL BE ONE OF THE RARE COUNTRIES TO GROW
Anatolian Lions Businessmen’s Association (ASKON) Chairman Orhan Aydın stated that the 7.6 growth of the Turkish economy is the result of trust and stability, and said, “Looking at the current trend and data, Turkey, which maintains its stable course and can provide an environment of trust, will be one of the rare countries that can grow its economy in 2022.” used the phrases.
SOURCE: BLOOMBERG HT