Third-quarter growth figures announced

The Turkish Statistical Institute (TÜİK) has announced the growth figures for the third quarter of 2023, covering the months of July, August, and September.

According to TÜİK data, Gross Domestic Product (GDP) increased by 5.9 percent in the third quarter of 2023.

When examining the activities that make up the GDP; construction increased by 8.1 percent, industry by 5.7 percent, financial and insurance activities by 5.1 percent, services by 4.3 percent, public administration, education, human health and social work activities by 3.6 percent, real estate activities by 2.7 percent, other service activities by 2.2 percent, information and communication activities by 1.7 percent, and the agricultural sector by 0.3 percent, while professional, administrative and support service activities decreased by 2.5 percent.

The seasonally and calendar-adjusted GDP chained volume index increased by 0.3 percent compared to the previous quarter.

The calendar-adjusted GDP chained volume index increased by 5.1 percent in the third quarter of 2023 compared to the same quarter of the previous year.

11.2 PERCENT INCREASE IN CONSUMPTION EXPENDITURES

Final consumption expenditures of resident households increased by 11.2 percent in the third quarter of 2023 compared to the same quarter of the previous year, as a chained volume index. Government final consumption expenditures increased by 5.3 percent, and gross fixed capital formation increased by 14.7 percent.