31.05.2024 10:10
The Turkish Statistical Institute has announced the first quarter growth data. The Turkish economy grew by 5.7 percent in the first quarter, thanks to the strong domestic consumption. When the activities that make up the GDP were examined, it was observed that the construction sector experienced the largest increase.
The Turkish Statistical Institute (TÜİK) has announced the growth data for the first quarter of 2024. According to this, Gross Domestic Product (GDP) for the first quarter of 2024 increased by 5.7 percent compared to the same quarter of the previous year, as a chained volume index.
HIGHEST INCREASE IN THE CONSTRUCTION SECTOR
When the activities that make up GDP are examined; in the first quarter of 2024, compared to the previous year, as a chained volume index; the total value added of the construction sector increased by 11.1 percent, information and communication activities by 5.5 percent, professional, administrative and support service activities by 5 percent, industry by 4.9 percent, agriculture by 4.6 percent, services by 4.3 percent, public administration, education, human health and social service activities by 3.3 percent, other service activities by 2.8 percent, real estate activities by 2.5 percent, and finance and insurance activities by 2 percent.
The seasonally and calendar adjusted chained volume index of GDP increased by 2.4 percent compared to the previous quarter. The calendar adjusted chained volume index of GDP increased by 5.8 percent in the first quarter of 2024 compared to the same quarter of the previous year.
GDP in the first quarter of 2024 amounted to 8 trillion 822 billion 248 million TL at current prices.
The estimated Gross Domestic Product by production method increased by 90.0 percent in the first quarter of 2024 compared to the same quarter of the previous year, reaching 8 trillion 822 billion 248 million TL at current prices. The value of GDP in the first quarter in current prices amounted to 285 billion 572 million US dollars.
Household final consumption expenditures increased by 7.3 percent in the first quarter of 2024.
The chained volume index of final consumption expenditures of resident households increased by 7.3 percent in the first quarter of 2024 compared to the same quarter of the previous year. Government final consumption expenditures increased by 3.9 percent, while gross fixed capital formation increased by 10.3 percent.
GOODS AND SERVICES IMPORT DECREASED BY 3.1 PERCENT
While the volume index of goods and services exports increased by 4.0 percent in the first quarter of 2024 compared to the same quarter of the previous year, imports decreased by 3.1 percent.
Labor payments increased by 108.4 percent in the first quarter of 2024.
Labor payments increased by 108.4 percent in the first quarter of 2024 compared to the same quarter of the previous year. Net operating surplus/mixed income increased by 107.8 percent.
The share of labor payments in Gross Value Added was 42.0 percent.
While the share of labor payments in Gross Value Added at current prices was 37.8 percent in the first quarter of last year, this ratio increased to 42.0 percent in the first quarter of 2024. The share of net operating surplus/mixed income increased from 40.0 percent in the first quarter of last year to 44.2 percent in the first quarter of 2024.
Details are coming...