Turkey's Economy Grew by 3.2% in 2024

Turkey's economy grew by 3.2 percent in 2024, according to the data released by the Turkish Statistical Institute (TÜİK) for the October-December period of last year and the 2024 annual Gross Domestic Product (GDP). By production method, the annual GDP obtained from the sum of four quarters increased by 3.2 percent in 2024 compared to the previous year as a chain-linked volume index. The GDP at current prices, according to the production method, increased by 63.5 percent in 2024 compared to the previous year, reaching 43 trillion 410 billion 514 million TL. Per capita GDP in 2024 was calculated as 507,615 TL in current prices and 15,463 US dollars. The construction sector grew by 9.3 percent in 2024. When the activities constituting the GDP are examined; in 2024, compared to the previous year in terms of the chain-linked volume index; the construction sector total value added increased by 9.3 percent, taxes on products minus subsidies by 7.7 percent, financial and insurance activities by 4.9 percent, agriculture by 3.9 percent, information and communication activities by 3.4 percent, services by 3.1 percent, real estate activities by 2.4 percent, public administration, education, human health and social work activities by 1.8 percent, professional, administrative, and support service activities by 1.4 percent, other service activities by 1.2 percent, and industry by 0.5 percent. The first estimate for the GDP of the fourth quarter of 2024 increased by 3.0 percent compared to the same quarter of the previous year as a chain-linked volume index. The seasonally and calendar adjusted GDP chain-linked volume index increased by 1.7 percent compared to the previous quarter. The seasonally and calendar adjusted GDP chain-linked volume index increased by 1.7 percent compared to the previous quarter. The calendar adjusted GDP chain-linked volume index increased by 3.1 percent in the fourth quarter of 2024 compared to the same quarter of the previous year. The estimated Gross Domestic Product by production method in the fourth quarter of 2024 increased by 49.0 percent in current prices compared to the same quarter of the previous year, reaching 12 trillion 704 billion 50 million TL. The value of the GDP for the fourth quarter in current prices was realized as 369 billion 368 million US dollars. The final consumption expenditure of resident households increased by 3.7 percent in 2024 compared to the previous year in terms of the chain-linked volume index. The share of household final consumption expenditure in current prices within the GDP was 59.2 percent. The final consumption expenditure of resident households in the fourth quarter of 2024 increased by 3.9 percent compared to the same quarter of the previous year as a chain-linked volume index. Government final consumption expenditure increased by 1.6 percent, gross fixed capital formation increased by 6.1 percent in 2024. In 2024, goods and services exports increased by 0.9 percent compared to the previous year in terms of the chain-linked volume index, while imports decreased by 4.1 percent. In the fourth quarter of 2024, goods and services exports decreased by 2.0 percent compared to the same quarter of the previous year as a chain-linked volume index, while imports increased by 1.6 percent. Labor payments increased by 90.0 percent in 2024 compared to the previous year, while net operating surplus/mixed income increased by 46.5 percent. In the fourth quarter of 2024, labor payments increased by 75.4 percent compared to the same quarter of the previous year, while net operating surplus/mixed income increased by 35.9 percent. The share of labor payments in the Gross Value Added at current prices increased from 32.5 percent last year to 37.9 percent in 2024. The share of net operating surplus/mixed income decreased from 47.0 percent to 42.2 percent.