Turkey's economy grew by 3.5 percent year-on-year in the fourth quarter. This is evidenced by the preliminary calculations of the country's statistical institute (TurkStat).

In the third quarter, according to the revised data, GDP increased by 4%, rather than 3.9%, as was announced earlier.

Analysts had forecast a bigger slowdown in October and December, to an average of 3%, according to Trading Economics.

Consumer spending rose 16.1% (20.4% in the third quarter) and business investment rose 2.6% (down 0.8%). Meanwhile, government spending jumped 9%, the biggest increase since the 2018 presidential election, after rising 4.7% in July-September.

Exports fell 3.3% in October-December, while imports rose 10.2%. In the third quarter, these figures increased by 12.4% and 11.9%, respectively.

Turkey's economy in the fourth quarter relative to the previous three months increased by 0.9% (in the third quarter the figure declined by 0.1%).

The country's GDP for the whole of 2022 grew by 5.6% after a record jump of 11.4% a year earlier.

The World Bank estimated that the devastating earthquakes that struck Turkey in early February caused more than $34 billion in damage, equivalent to 4 percent of the country's 2021 GDP.