TÜİK: Turkish economy grew by 4.5 percent in 2023

The Turkish Statistical Institute (TÜİK) has published the periodic gross domestic product (GDP) statistics for the final quarter of 2023.

Annual GDP, calculated as the total of four quarters using the production method, increased by 4.5 percent in 2023 compared to the previous year in terms of the chained volume index.

GDP at current prices, calculated using the production method, increased by 75.0 percent in 2023 compared to the previous year, reaching 26 trillion 276 billion 307 million TL.

GDP per capita in 2023 was calculated at 307 thousand 952 TL at current prices, and 13 thousand 110 in US dollars.

When examining the activities that constitute GDP; in 2023, compared to the previous year, the total value added in terms of the chained volume index increased by 9.0 percent in financial and insurance activities, 7.8 percent in construction, 6.4 percent in services, 4.6 percent in other service activities, 3.8 percent in public administration, education, human health and social work activities, 2.7 percent in real estate activities, 1.3 percent in information and communication activities, 1.2 percent in professional, administrative and support service activities, and 0.8 percent in industry. The agricultural sector decreased by 0.2 percent.

QUARTERLY GROWTH AT 1 PERCENT

The first estimate for GDP in the fourth quarter of 2023 increased by 4.0 percent compared to the same quarter of the previous year in terms of the chained volume index.

The seasonally and calendar-adjusted GDP chained volume index increased by 1.0 percent compared to the previous quarter. The calendar-adjusted GDP chained volume index increased by 4.0 percent in the fourth quarter of 2023 compared to the same quarter of the previous year.

The GDP estimate using the production method increased by 75.9 percent at current prices in the fourth quarter of 2023 compared to the same quarter of the previous year, reaching 8 trillion 431 billion 375 million TL. The fourth-quarter GDP value at current prices was 304 billion 402 million in US dollars.

CONSUMPTION INCREASED BY 12.8 PERCENT

Final consumption expenditures of resident households increased by 12.8 percent in 2023 compared to the previous year in terms of the chained volume index. The share of household consumption expenditures in GDP was 59.1 percent.

Final consumption expenditures of resident households increased by 9.3 percent in the fourth quarter of 2023 compared to the same quarter of the previous year in terms of the chained volume index. Government final consumption expenditures increased by 1.7 percent, and gross fixed capital formation increased by 10.7 percent.

Compared to the previous year's chained volume index, exports of goods and services decreased by 2.7 percent in 2023, while imports increased by 11.7 percent. Exports of goods and services increased by 0.2 percent in the fourth quarter of 2023 compared to the same quarter of the previous year in terms of the chained volume index, while imports increased by 2.7 percent.

LABOR PAYMENTS INCREASED BY 116 PERCENT

Labor payments increased by 116.0 percent in 2023 compared to the previous year, while the net operating surplus/mixed income increased by 49.2 percent. In the fourth quarter of 2023, labor payments increased by 107.6 percent compared to the same quarter of the previous year, while the net operating surplus/mixed income increased by 55.0 percent.

The share of labor payments in Gross Value Added at current prices was 26.3 percent last year, while this rate became 32.8 percent in 2023. The share of net operating surplus/mixed income was 53.7 percent, and it became 46.3 percent.

News Source: 12punto