Türkiye’s economy surges by 5.7% in Q1 2024 – Turkiye Newspaper
Türkiye’s economy grew by 5.7% in the first quarter of 2024, according to the official data released by the Turkish Statistical Institute.
As per the official figures, the gross domestic product (GDP) rose by 2.4% in Q1.
The initial estimate for GDP in Q1 2024, as measured by the chain-linked volume index, showed a 5.7% increase compared to the same quarter of the previous year.
| Year | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Annual |
|---|---|---|---|---|---|
| 2020 | 4.4 | -10.3 | 6.5 | 6.4 | 1.9 |
| 2021 | 7.5 | 22.2 | 7.9 | 9.6 | 11.4 |
| 2022 | 7.8 | 7.6 | 4.1 | 3.3 | 5.5 |
| 2023 | 4.0 | 3.9 | 6.1 | 4.0 | 4.5 |
| 2024 | 5.7 | – | – | – | – |
In the analysis of GDP components, the chain-linked volume index for Q1 2024 revealed notable shifts compared to the same quarter last year:
The construction sector’s total value-added increased by 11.1%. Information and communication activities saw growth of 5.5%, while professional, administrative, and support service activities experienced a 5.0% rise.
The industry sector expanded by 4.9%, and agriculture showed a solid increase of 4.6%.
The services sector witnessed a growth of 4.3%, while public administration, education, human health and social work activities collectively grew by 3.3%.
Other service activities advanced by 2.8%, with real estate activities registering a growth rate of 2.5%.
Financial and insurance activities saw a modest increase of 2.0%.
| Economic Activity Branches | 2023 1st Quarter (%) | 2024 1st Quarter (%) |
|---|---|---|
| Agriculture, forestry, and fishing | 3.5 | 4.6 |
| Industry | -1.2 | 4.9 |
| Manufacturing | 1.2 | 4.7 |
| Construction | 5.3 | 11.1 |
| Services | 12.3 | 4.3 |
| Information and communication | 8.2 | 5.5 |
| Finance and insurance activities | 14.9 | 2.0 |
| Real estate activities | 2.0 | 2.5 |
| Professional, administrative, and support service activities | 10.7 | 5.0 |
| Public administration, education, and social service activities | 3.3 | 3.3 |
| Other service activities | 7.8 | 2.8 |
| Total Sectors | 3.4 | 5.2 |
| Tax-subsidy | 9.3 | 10.4 |
| Gross domestic product (At purchase prices) | 4.0 | 5.7 |
The seasonally and calendar-adjusted GDP chain-linked volume index increased by 2.4% compared to the previous quarter.
The calendar-adjusted GDP chain-linked volume index increased by 5.8% in Q1 2024 compared to the same quarter of the last year.
GDP at current prices reached ₺8.8 trillion in Q1
The GDP estimate by the production method for Q1 2024 increased by 90.0% at current prices compared to the same quarter of the previous year, reaching ₺8 trillion 822 billion 248 million.
The GDP value for the first quarter at current prices in dollars terms was $285 billion 572 million.
Final consumption expenditures are up 7.3%
According to the chain-linked volume index, resident households’ final consumption expenditures increased by 7.3% in the first quarter of 2024 compared to the same quarter of the previous year.
Government final consumption expenditures increased by 3.9%, and gross fixed capital formation increased by 10.3%.
Exports are up 4.0%, and imports down 3.1%
According to the chain-linked volume index, exports of goods and services increased by 4.0% in Q1 2024 compared to the same quarter of the previous year, while imports decreased by 3.1%.
Labor payments up 108.4%
Labor payments increased by 108.4% in Q1 2024 compared to the same quarter of the previous year. Net operating surplus/mixed income increased by 107.8%.
Share of labor payments in gross value added rose to 42%
The share of labor payments in gross value added at current prices was 42.0% in Q1 2024, up from 37.8% in the same quarter of the previous year.
The share of net operating surplus/mixed income was 44.2%, up from 40.0% in the same quarter of the previous year.
Source: Newsroom
