28.02.2025 10:21
The Turkish Statistical Institute (TÜİK) announced the Gross Domestic Product (GDP) rates for the previous year. Accordingly, Turkey grew by 3.2% in 2024.
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The Turkish Statistical Institute (TÜİK) announced the gross domestic product (GDP) data for the period of October-December 2024. Accordingly, the Turkish economy grew by 3.2% throughout 2024, while in the last quarter of 2024, it achieved a growth of 3.0%.
GROSS DOMESTIC PRODUCT (GDP) INCREASED BY 3.2% IN 2024
The annual GDP obtained by the production method with the total of four quarters increased by 3.2% in 2024 compared to the previous year, as measured by the chained volume index (2009=100). The GDP at current prices increased by 63.5% compared to the previous year, reaching 43 trillion 410 billion 514 million TL in 2024. The GDP per capita was calculated as 507 thousand 615 TL at current prices and 15 thousand 463 in US dollars in 2024.
CONSTRUCTION SECTOR INCREASED BY 9.3% IN 2024
When examining the activities that constitute GDP; in 2024, compared to the previous year, the total value added of the construction sector increased by 9.3% as measured by the chained volume index; taxes on products minus subsidies increased by 7.7%, finance and insurance activities by 4.9%, agriculture by 3.9%, information and communication activities by 3.4%, services by 3.1%, real estate activities by 2.4%, public administration, education, human health and social services activities by 1.8%, professional, administrative and support service activities by 1.4%, other service activities by 1.2%, and industry by 0.5%.
(1) A-Agriculture, forestry and fishing, BCDE-Industry, F-Construction, GHI-Services, J-Information and communication, K-Finance and insurance activities, L-Real estate activities, MN-Professional, administrative and support service activities, OPQ-Public administration, education, human health and social services activities, RST-Other service activities.
GDP INCREASED BY 3.0% IN THE FOURTH QUARTER OF 2024
The first estimate of GDP for the fourth quarter of 2024; as measured by the chained volume index, increased by 3.0% compared to the same quarter of the previous year. The seasonally and calendar adjusted GDP chained volume index increased by 1.7% compared to the previous quarter. The calendar adjusted GDP chained volume index increased by 3.1% in the fourth quarter of 2024 compared to the same quarter of the previous year. The estimate of Gross Domestic Product by the production method increased by 49.0% at current prices compared to the same quarter of the previous year, reaching 12 trillion 704 billion 50 million TL in the fourth quarter of 2024. The value of GDP in the fourth quarter was realized as 369 billion 368 million in US dollars at current prices.
HOUSEHOLD FINAL CONSUMPTION EXPENDITURES INCREASED BY 3.7% IN 2024
The final consumption expenditures of resident households increased by 3.7% in 2024 compared to the previous year, according to the chained volume index. The share of household consumption expenditures in GDP at current prices was 59.2%. The final consumption expenditures of resident households increased by 3.9% in the fourth quarter of 2024 compared to the same quarter of the previous year, as measured by the chained volume index. The government's final consumption expenditures increased by 1.6%, while gross fixed capital formation increased by 6.1%. According to the chained volume index compared to the previous year, in 2024, exports of goods and services increased by 0.9% while imports decreased by 4.1%. In the fourth quarter of 2024, exports of goods and services decreased by 2.0% compared to the same quarter of the previous year, while imports increased by 1.6%.
LABOR PAYMENTS INCREASED BY 90.0% IN 2024
Labor payments increased by 90.0% in 2024 compared to the previous year, while net operating surplus/mixed income increased by 46.5%. In the fourth quarter of 2024, labor payments increased by 75.4% compared to the same quarter of the previous year, while net operating surplus/mixed income increased by 35.9%. The share of labor payments in Gross Value Added at current prices was 32.5% last year, while this rate increased to 37.9% in 2024. The share of net operating surplus/mixed income was 47.0%, while it decreased to 42.2%.
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