How did the business world evaluate the growth data?

According to the data announced by the Turkish Statistical Institute (TUIK), Turkey recorded a growth of 5.6 percent in 2022. In the fourth quarter, gross domestic product increased by 3.5 percent compared to the same quarter of the previous year. Compared to the previous quarter, a growth of 0.9 percent was recorded in the last quarter. Following the announcement of the growth data, important names of the business world made statements.

Mahmut Asmalı, Chairman of the Independent Industrialists’ and Businessmen’s Association (MUSIAD), said in a written statement:

“The Turkish economy grew by 3.5 percent in the last quarter of 2022 and by 5.6 percent throughout the year, maintaining its positive growth trend for the 10th consecutive quarter. Thus, it ranked 2nd after Saudi Arabia among the G20 countries whose data were announced. In the same period, Turkey has managed to surpass economies such as the UK, which grew by 4%, China, which grew by 3%, and the USA, which grew by 2.1 percent, in the same period.

Asmalı noted that in addition to the significant contribution of domestic demand to growth by 12.8 points throughout 2022, investments and net foreign demand remained positive with their contributions of 0.7 and 0.6 points, respectively, indicating that the growth has spread across the board.

Asmalı stated that the success achieved despite the global economic conjuncture that is still in the recovery phase after the Russia-Ukraine war reaffirms the resilience of the Turkish economy.

“In order to limit the impact of the earthquake on the economy, we should focus on production and exports”

Ankara Chamber of Commerce (ATO) Chairman of the Board Gürsel Baran stated that production and exports should be focused on in order to limit the impact of earthquakes in Kahramanmaraş and Hatay on the economy.

In his written statement, Baran pointed out that the Turkish economy grew by 3.5 percent in the last quarter of 2022 and by 5.6 percent on an annual basis, catching the average growth momentum of the last 20 years despite the intensity of the global agenda and the recession risks in the global economy.

Stating that finance and insurance are the sectors that make the highest contribution among the activities that make up the Gross Domestic Product (GDP), Baran said that the industry and agriculture sectors, which are the dynamos of growth, contributed at a low rate.

“It is pleasing to be able to grow despite all these effects at a time when the Russia-Ukraine War affected the world after the pandemic, the supply chains were disrupted, the energy and food crisis was experienced, and the world was facing the risk of recession. We should focus on industrial and agricultural production and exports in order to maintain growth by repairing the material and moral wounds of the earthquake that took place in our 11 provinces that contributed to our country, and to limit the impact of the earthquake on the economy. We have to see it as a milestone in order to bring it to life.”

“The 5.6 percent growth achieved in the whole of 2022 is more valuable than ever”

Ali Kopuz, Chairman of the Istanbul Commodity Exchange (ISTIB), said, “Despite serious challenges such as geopolitical risks and drought, the 5.6 percent growth rate achieved in the whole of 2022 is more valuable than ever.”

Kopuz, whose views were included in the statement made by İSTİB, stated that despite the challenging geopolitical conditions, the Turkish economy showed a growth performance of 3.5 percent in the 4th quarter of 2022.

Pointing out that the negative effects of the great earthquake that might suppress economic activities should be eliminated in the coming period, Kopuz said:

“In order to heal the wounds of the great earthquakes, which are called the disaster of the century, our state institutions, business world, NGOs and our noble nation are acting with the spirit of mobilization. Simultaneously, we must ensure the continuation of production by quickly establishing temporary container areas close to the factories and OIZs. .

Our brothers living in the earthquake zone have a great share in the agricultural production and industry of our country. Ensuring the continuity of production in the region will be one of the greatest favors to be done for our people and their families in the region, namely our country. Despite serious challenges such as geopolitical risks and drought, the 5.6 percent growth rate achieved throughout 2022 is more valuable than ever.

“We will do our best to continue growing our economy”

Şekip Avdagiç, Chairman of the Board of Directors of the Istanbul Chamber of Commerce, shared on his social media account, “The Turkish economy completed the year 2022 with a growth of 5.6 percent. The two main supporters of growth throughout the year were ‘domestic consumption’ and ‘exports’. We will work with all our strength to heal the wounds of the disaster we experienced as the business world in 2023 and to continue to grow our economy,” he wrote.