Growth message from Vice President Yılmaz

The Turkish Statistical Institute (TUIK) has announced the growth figures for the first quarter of 2024. The Turkish economy grew by 5.7 percent in the first quarter. Household final consumption expenditures also increased by 7.3 percent. 

Vice President Cevdet Yılmaz evaluated the growth figures.

Highlights from Yılmaz's statement are as follows:

The Turkish economy grew by 5.7 percent in the first quarter of 2024 compared to the same period of the previous year, and by 2.4 percent compared to the previous quarter, exceeding expectations. As of the first quarter of 2024, our annualized national income has reached a new historical peak of 1 trillion 158 billion dollars.

In an environment where predictability is ensured in our economy through political stability and confidence, we have maintained our growth performance uninterrupted for 15 quarters.

Despite the earthquake disaster, the course of global economic demand below historical averages, and geopolitical adversities, our economy continues its strong performance. In an environment where political uncertainties have decreased and political stability and confidence have been established, we are working for the Century of Turkey with decisive policies under the leadership of our President.

"ALL SECTORS HAVE RECORDED POSITIVE GROWTH"

In the first quarter of 2024, all sectors including agriculture, industry, and services recorded positive growth. In this period, the increase in value-added was 4.6 percent in agriculture, 4.9 percent in industry, 11.1 percent in construction, and 4.8 percent in services (excluding construction) compared to the same period of the previous year.

The 10.3 percent high increase in fixed capital investments compared to the same period of the previous year and the slowdown in the growth rate of consumption expenditures also show that growth is progressing with a healthier composition and on a path consistent with our disinflation approach.

The strong increase in machinery and equipment investments, a sub-item of fixed capital investments, has continued, increasing by 11.9 percent in the first quarter of 2024 and carrying its uninterrupted growth to the 18th quarter. The contribution of net exports to growth has turned positive after 5 quarters.

We are in a period where the current account deficit is falling, reserves are increasing, and risk indicators are improving. The results we have achieved on a monthly basis regarding the fight against inflation, which is our primary priority, will bring significant declines on an annual basis in the second half of the year. Unemployment continues to hover at single-digit levels. We will continue to implement our Medium-Term Program with determination for stable, balanced, and inclusive growth and lasting prosperity.