Key data on employment, growth announced in Türkiye

Türkiye’s gross domestic product (GDP) grew by 3.2% in 2024, surpassing the expected 3.1% and aligning with the global average of 3.2%, the Turkish Statistical Institute (TurkStat) reported on Friday.

Gross domestic product (GDP) at current prices soared 63.5% to ₺43.4 trillion ($1.3 trillion) in 2024 compared to the previous year.

In the fourth quarter of 2024, the Turkish economy expanded by 3% year-on-year, slightly surpassing economists’ expectations. On a quarterly basis, Türkiye’s GDP grew by 1.7% in the three months to December, rebounding from a 0.1% contraction in the previous quarter.

The country’s economy grew by 5.3% in the first quarter of 2024, 2.4% in the second quarter, and 2.1% in the third quarter.

GDP per capita stood at 507,615 liras ($15,463) at current prices last year.

When analyzing the activities contributing to gross domestic product (GDP), the total value added increased as follows:

Unemployment declines, employment slows

Meanwhile, the unemployment rate began 2025 with a continued decline by 0.1 percentage points to 8.4% in January, TurkStat reported in another release on the same day.

However, the employment rate dropped by 0.3 percentage points to 49.2%, while the labor force declined by 219,000 to 35.53 million in January 2025 compared to the previous month, bringing the labor force participation rate down 0.4 percentage points to 53.7%.