Turkey’s economy grew by 5.7 percent in the first quarter of 2024, according to official data released by the Turkish Statistical Institute (TUIK).
Official figures showed gross domestic product (GDP) grew 2.4 percent in the first quarter.
Initial estimates of GDP for the first quarter of 2024, as measured by the chained volume index, showed a 5.7% increase over the same period last year.
In analyzing GDP components, the chain volume index for the first quarter of 2024 showed notable changes compared to the same period last year.
Gross value added in the construction sector increased by 11.1%. Information and communication activities showed growth of 5.5%, while professional, administrative and support services activities recorded an increase of 5.0%.
The industrial sector expanded by 4.9%, while the agricultural sector showed a robust increase of 4.6%.
The services sector recorded growth of 4.3 percent, while public administration, education, health and social welfare activities recorded overall growth of 3.3 percent.
Other services activity increased by 2.8 percent, while real estate activity recorded a growth rate of 2.5 percent.
The finance and insurance industry saw a slight increase of 2.0%.
The seasonally and calendar-adjusted GDP chain volume index increased 2.4% from the previous quarter.
The calendar-adjusted GDP chain volume index increased 5.8% in the first quarter of 2024 compared to the same period last year.
GDP in the first quarter reached Rs 8.8 trillion at current prices
The estimated GDP based on production method for the first quarter of 2024 increased by 90.0% year-on-year at current prices to Rs 8,822,248 million.
First quarter GDP value, converted into current dollar amounts, was $285.572 billion.
Final consumption expenditure increased by 7.3%
According to the chain volume index, final consumption expenditure of resident households in the first quarter of 2024 increased by 7.3% compared to the same period last year.
Government final consumption expenditure increased by 3.9 percent, while gross fixed capital formation increased by 10.3 percent.
Exports increased by 4.0%, imports decreased by 3.1%
According to the chain volume index, exports of goods and services increased 4.0% in the first quarter of 2024 compared to the same period last year, while imports decreased 3.1%.
Labor wages increased by 108.4%
Labor wages increased 108.4% in the first quarter of 2024 compared to the same period last year. Net operating surplus/mixed profit increased 107.8%.
The share of labor wages in gross value added rose to 42%
The share of labor payments in gross value added at current prices was 42.0 percent in the first quarter of 2024, up from 37.8 percent in the same period last year.
The ratio of operating profit/mixed profit to total profit was 44.2%, up from 40.0% in the same period last year.
Source: Newsroom
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