Turkey’s economy expanded 5.6% in 2022 at the expense of a runaway inflation, but the working class share from the national income continued to shrink, official data showed Tuesday.

The country’s gross domestic product (GDP) increased 3.5% in the fourth quarter from a year earlier, reflecting a continued cooling since the previous quarter due mainly to falling demand.

The Turkish economy is expected to slow even further this year under the added impact of the two massive earthquakes on Feb. 6, which ravaged 10 provinces in the country’s southeast and killed more than 44,000 people. The World Bank estimates that the disaster caused $34.2 billion in direct physical damage, but total reconstruction and recovery costs could be twice as high.



Written by Mustafa Sönmez