ANKARA CHAMBER OF INDUSTRY CHAIRMAN SEYİT ARDIÇ EVALUATES SECOND-QUARTER 2026 GROWTH FIGURES:
“THE RETURN OF INDUSTRY TO POSITIVE TERRITORY IS ENCOURAGING, WHILE THE LOSS OF MOMENTUM IN INVESTMENTS IS AN IMPORTANT WARNING”
The fact that our economy grew by 2.3 percent in the second quarter of 2026 compared to the same period of the previous year, and by 1.1 percent compared to the previous quarter, is valuable despite uncertainties in the global economy, rising geopolitical risks and tight financing conditions brought about by the disinflation process. Considering that growth stood at 4.7 percent in the same quarter of last year, there is a clear slowdown in annual growth momentum. On the other hand, the increase in quarterly growth from 0.3 percent in the first quarter to 1.1 percent in the second quarter indicates that economic activity regained periodic momentum in the second quarter.
The industrial sector, which contracted by 0.8 percent in the first quarter of the year, returned to positive territory by growing 2.4 percent in the second quarter. This is valuable. However, we need to evaluate the performance of industry from a longer-term perspective. Considering that the industrial sector grew by more than 6 percent in the second quarter of last year, the 2.4 percent increase recorded today points to a recovery in production, but is not yet sufficient to speak of strong and permanent industrial momentum. In a second quarter when the construction sector contracted by 1.9 percent and final government consumption declined by 1.8 percent, the 2.4 percent growth achieved by industry despite all conditions represents a very critical process for the production economy.
THE SLOWDOWN IN INVESTMENTS SHOULD BE CLOSELY MONITORED
One of the issues that needs to be carefully assessed is the significant loss of momentum in investments. Growth in gross fixed capital formation, which stood at 8.8 percent in the first quarter of 2025 and 3 percent in the first quarter of 2026, declined to 0.6 percent in the second quarter. This loss of momentum in investments is an important warning for the future competitiveness, productivity growth and export capacity of our industry, and should be closely monitored. In particular, investments in machinery and equipment, digitalization, automation, R&D and high technology directly determine the future competitiveness, productivity growth and export capacity of our industry. Therefore, steps to reduce the impact of high financing costs, credit conditions and economic uncertainties on productive investments are of great importance.
The decline in exports, which stood at 12.7 percent in the first quarter, decreased to 3.4 percent in the second quarter, which is a positive development. The contraction in imports, which was 2 percent in the first quarter, increased to 6.4 percent. This picture points to a positive composition in terms of the net external demand balance.
OUR MAIN OBJECTIVE SHOULD BE TO STRENGTHEN GROWTH THROUGH PRODUCTION, INVESTMENT, TECHNOLOGY AND EXPORTS
In the period ahead, our main priority should be to preserve and strengthen production and investment capacity while continuing the disinflation process with determination.
Achieving price stability is a fundamental condition for sustainable growth. However, for a permanent increase in prosperity, price stability must be supported by an effective industrial policy, improvement of the investment environment, access to appropriate financing, technological transformation, productivity growth and export policies.
Our main objective should be to place growth on a stronger and more sustainable foundation based on production, investment, technology and exports.