The Turkish economy grew by 2.1% in the third quarter of the year.

The Turkish Statistical Institute announced the gross domestic product (GDP) results for the third quarter of this year (July-September).

Accordingly, the first estimate of GDP for the third quarter of 2024; as a chained volume index, increased by 2.1% compared to the same quarter of the previous year.

When examining the activities that constitute GDP; in the third quarter of 2024, compared to the previous year, the chained volume index increased as follows: construction by 9.2%, financial and insurance activities by 6.2%, the agricultural sector by 4.6%, real estate activities by 2.5%, taxes on products minus subsidies by 2.3%, information and communication activities by 2.2%, public administration, education, human health, and social services activities by 1.9%, and services by 1.4%. Other service activities increased by 2.4%, the industrial sector by 2.2%, while professional, administrative, and support service activities decreased by 0.3%.

The seasonally and calendar-adjusted GDP chained volume index decreased by 0.2% compared to the previous quarter. The calendar-adjusted GDP chained volume index increased by 1.9% in the third quarter of 2024 compared to the same quarter of the previous year.

GDP REACHED 11 TRILLION 893 BILLION 252 MILLION TL

The estimate of Gross Domestic Product by the production method reached 11 trillion 893 billion 252 million TL in the third quarter of 2024, increasing by 53.3% at current prices compared to the same quarter of the previous year. The GDP value for the third quarter at current prices was realized as 357 billion 989 million USD.

HOUSEHOLD FINAL CONSUMPTION EXPENDITURES INCREASED BY 3.1%

Final consumption expenditures of resident households increased by 3.1% as a chained volume index in the third quarter of 2024 compared to the same quarter of the previous year. The government's final consumption expenditures decreased by 0.9%, while gross fixed capital formation decreased by 0.8%.

Exports of goods and services increased by 0.8% as a chained volume index in the third quarter of 2024 compared to the same quarter of the previous year, while imports decreased by 9.6%.

LABOR PAYMENTS INCREASED BY 76.3%

Labor payments increased by 76.3% in the third quarter of 2024 compared to the same quarter of the previous year. Net operating surplus/mixed income increased by 45.7%.

The share of labor payments in Gross Value Added at current prices was 31.9% in the third quarter of the previous year, while this rate increased to 36.4% in 2024. The share of net operating surplus/mixed income was 47.8%, while it decreased to 45.1%.