FX.co ★ Turkey's GDP Growth Slows Significantly to 2.5% in Second Quarter of 2024

Turkey's economy showed a marked deceleration in the second quarter of 2024, with Gross Domestic Product (GDP) growth dropping to 2.5%. This represents a stark decline from the first quarter of 2024, where GDP growth was recorded at 5.7%, according to the latest data released on September 2, 2024.

The current indicator's significant slowdown has raised concerns among economists and policymakers. Year-over-Year comparisons illustrate this stark change, showcasing the economic challenges Turkey faces amid fluctuating market conditions and potential external and internal economic pressures.

While the first quarter's comparative Year-over-Year GDP growth rate painted a more optimistic outlook, the recent numbers emphasize the need for strategic economic policy adjustments to reignite growth and stabilize the economic trajectory for the remainder of 2024.