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Turkey’s GDP grew by 4.5 percent in 2023: report

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Turkey’s economy grew a more-than-expected 4.0 percent in the fourth quarter, official data showed on Thursday, with full-year growth at 4.5 percent as strong domestic demand offset the impact of a slowdown in main trading partners and devastating earthquakes in February 2023, Reuters reported.

Growth is expected to slow this year, but fourth-quarter gross domestic product (GDP) still expanded 1.0 percent from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute (TurkStat) showed.

In a Reuters poll, the economy was forecast to have expanded 4.3 percent in 2023, very close to the government’s medium-term program forecast of 4.4 percent. Fourth quarter GDP growth was forecast to be 3.5 percent. The economy grew 5.5 percent in 2022.

Growth in the third quarter was revised up to 6.1 percent from 5.9 percent, the data also showed.

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