Breaking News: TurkStat announces growth figures!

TurkStat has announced the growth figures for the first quarter of 2024.

Accordingly, the first estimate of Gross Domestic Product (GDP) for the first quarter of 2024, as a chained volume index, increased by 5.7 percent compared to the same quarter of the previous year.

11 PERCENT INCREASE IN THE CONSTRUCTION SECTOR

When the activities constituting the GDP are examined; in the first quarter of 2024, compared to the previous year, as a chained volume index; the total value added of the construction sector increased by 11.1 percent, information and communication activities by 5.5 percent, professional, administrative and support service activities by 5 percent, industry by 4.9 percent, agriculture by 4.6 percent, services by 4.3 percent, public administration, education, human health and social work activities by 3.3 percent, other service activities by 2.8 percent, real estate activities by 2.5 percent, and financial and insurance activities by 2 percent.

The seasonally and calendar-adjusted GDP chained volume index increased by 2.4 percent compared to the previous quarter. The calendar-adjusted GDP chained volume index increased by 5.8 percent in the first quarter of 2024 compared to the same quarter of the previous year.

The Gross Domestic Product estimate by production method increased by 90.0 percent at current prices in the first quarter of 2024 compared to the same quarter of the previous year, reaching 8 trillion 822 billion 248 million TL. The first-quarter value of GDP at current prices was 285 billion 572 million in US dollars.

CONSUMPTION EXPENDITURES INCREASED

Final consumption expenditures of resident households increased by 7.3 percent in the first quarter of 2024 as a chained volume index compared to the same quarter of the previous year. Government final consumption expenditures increased by 3.9 percent, and gross fixed capital formation increased by 10.3 percent.

Exports of goods and services increased by 4.0 percent as a chained volume index in the first quarter of 2024 compared to the same quarter of the previous year, while imports decreased by 3.1 percent.

LABOR PAYMENTS INCREASED BY 108.4 PERCENT IN THE FIRST QUARTER OF 2024

Labor payments increased by 108.4 percent in the first quarter of 2024 compared to the same quarter of the previous year. Net operating surplus/mixed income increased by 107.8 percent.

While the share of labor payments in Gross Value Added at current prices was 37.8 percent in the first quarter of last year, this rate became 42.0 percent in the first quarter of 2024. The share of net operating surplus/mixed income was 40.0 percent in the first quarter of last year, while it became 44.2 percent in the first quarter of 2024.

News Source: 12punto