Türkiye’s economy surges by 5.7% in Q1 2024
Türkiye’s economy grew by 5.7% in the first quarter of 2024, according to the official data released by the Turkish Statistical Institute (TUIK) .
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.
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%.
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.
