Türkiye’s annual household income soars nearly 107% in 2024: TurkStat

Türkiye‘s mean annual household disposable income surged to ₺374,899 ($10,668) in 2024, reflecting a tremendous increase of 106.9% compared to the previous year, Turkish Statistical Institute (TurkStat) reports on Friday.

Similarly, the mean annual equivalised household disposable income climbed by 108.3%, jumping from ₺90,116 in 2023 to ₺187,728 in 2024.

• Wages and salaries constituted the largest portion of total equivalised household disposable income at 48.8%, marking a 0.3 percentage point increase from the previous year.
• Entrepreneurial incomes accounted for 20.8% of total income, down by 1.3 percentage points, with agricultural income comprising 17.5% of this category.
• Social transfers represented 17.8% of total income, up by 0.2 percentage points, with pensions and survivors’ benefits making up 87.6% of this share.

Construction sector leads income growth

The highest mean annual income was earned in the service sector, averaging ₺242,299, while the agricultural sector recorded the lowest average at ₺153,773.

• The construction sector experienced the largest growth in mean annual income, surging by 115.4%, followed by the industrial sector with a 102% increase.
• The service and agricultural sectors recorded increases of 100.2% and 66%, respectively.

Meanwhile, 40.8% of individuals who were unemployed in 2023 secured employment in 2024, and 90.6% of individuals previously identified as employees maintained their employment status.

• The mean annual income at the main job was ₺804,882 for employers.
• Regular employees had a mean annual income of ₺209,764, experiencing the highest income increase at 104.0% compared to the previous year.
• The lowest income increase was observed among self-employed workers, with a rise of 82.2%, accounting for an average of ₺210,679 annually.
• Casual employees earned an average of ₺105,712 per year.

Wealth gap slightly narrows

• The wealthiest 20% of households, known as the top quintile, accounted for 48.1% of the total equivalised household disposable income with a modest reduction of 0.6 percentage points from the previous year.
• Meanwhile, 20% of lower-income households, referred to as the bottom quintile, saw a slight improvement in their share of income to 6.3%, up by 0.2 percentage points compared to the previous year.

Although these changes point to a minor decrease in income inequality, the disparity between the wealthiest and poorest households remains significant, with the top quintile still controlling nearly half of the nation’s income.

On the other hand, the Gini coefficient, a key indicator of income inequality ranging from 0 (complete equality) to 1 (complete inequality), dropped to 0.413 in 2024, down by 0.007 points from the previous year.

Excluding all social transfers, the coefficient stood at 0.476, while it was 0.423 when pensions and survivors’ benefits were included but other social transfers were excluded.