The Turkish economy for the year 2023 witnessed growth that exceeded expectations, as the Turkish Minister of Treasury and Finance, “Nureddin Nebati” announced that his country achieved the second largest growth during the first quarter of this year among the countries of the European Union and the countries of the Organization for Economic Cooperation and Development, and this was in tweets he posted on his official account, commenting on the Turkish Statistical Institute’s data on the gross domestic product of Turkey’s economy between January and March 2023.
The growth in the Turkish economy for the first quarter of 2023
The Statistics Institute stated that the Turkish economy achieved during the first quarter of 2023 a growth of 4% in real terms compared to the same period last year, Minister Nebati stressed that the Turkish government maintained investments, production and employment despite the disaster of the earthquake and the difficult global conditions, pointing out that employment increased by about 1.6 million people in the first quarter of 2023, bringing the unemployment rate down to single digits by 9.9%.
The World Bank adjusts its outlook for the Turkish economy in 2023
The World Bank has adjusted its outlook for the growth of the Turkish economy for the year 2023 to become 3.2% instead of the 2.7% it expected at the beginning of the year, and this came in a report on the outlook for the global economy.
The World Bank also raised its expectations for the growth of the Turkish economy for the year 2024 to 4.3% instead of 4% previously, and expected a growth of 4.1% in 2025, as the report indicated that Turkey will continue to make an important contribution to the growth of the Europe and Central Asia region.
The impact of the real estate sector on the economy in Turkey
The real estate sector played a key role in supporting and strengthening the Turkish economy, which was manifested by supporting foreign investments in the Turkish real estate market and providing incentives and facilities, including allowing foreigners to own real estate, supporting development projects, and the possibility of obtaining Turkish citizenship through real estate ownership, as these and other incentives contributed to pumping money within the Turkish economy and support the national capital.
As for the volume of sales to foreigners, the Turkish Statistics Institute stated in a statement that “the volume of residential real estate sales to foreigners in May of the current year amounted to 3.1 thousand real estate houses, recording an increase of 46.9% compared to the same month of last year 2022.” The report added that foreign citizens bought the largest number of residential plots in Antalya, Istanbul and Mersin, where Turkey is witnessing a rise in real estate prices, which experts attribute to the increase in demand from foreigners.
Sources Alarabiya net _ TRT arabi
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