ANKARA

The Turkish economy grew 2.5% at an annualized pace in the second quarter of 2024, according to official data released on Monday.

The country’s gross domestic product (GDP) for the April-June period reached 9.95 trillion Turkish liras, or approximately $308.16 billion, as reported by the Turkish Statistical Institute (TurkStat).

The figure slowed from a downwardly revised 5.3% growth in the first quarter and fell below market expectations as economists surveyed by Anadolu on Friday had estimated the economy would expand by 3%.

On a quarterly basis, Türkiye's GDP increased 0.1% in the second quarter, following a 1.4% growth in the first quarter.