Key data on employment, growth announced in Türkiye
Photo illustration shows a financial graph overlayed on a background featuring the Turkish flag and banknotes, symbolizing Türkiye's economic trends, financial performance, and currency fluctuations, accessed on November 4, 2024. (Collage by Türkiye Today)
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%.
