Turkish economy expands by 5.7% in first quarter of 2024

GDP with chain linked volume index increased by 5.7% compared with the same quarter of the previous year in the first quarter of 2024, according to the agency.

Construction increased by 11.1% in the first quarter of 2024

When the activities which constitute gross domestic product were analyzed; the value added increased by 11.1% in construction, 5.5% in information and communication, 5.0% in professional, administrative and support service activities, 4.9% in industry, 4.6% in agriculture, forestry and fishing, 4.3% in services, 3.3% in public administration, education, human health and social work activities, 2.8% in other service activities, 2.5% in real estate activities and 2.0% in financial and insurance.

Seasonally and calendar adjusted GDP with chain linked volume index increased by 2.4% compared with previous quarter. Calendar adjusted GDP with chain linked volume index increased by 5.8% compared with the same quarter of the previous year in the first quarter of 2024.

GDP reached 8 trillion 822 billion 248 million TRY at current prices in the first quarter of 2024

GDP increased by 90.0% and reached 8 trillion 822 billion 248 million TRY at current prices. GDP realized 285 billion 572 million US Dollars in the first quarter of 2024.

Final consumption expenditure of resident households increased by 7.3% in the first quarter of 2024

Final consumption expenditure of resident households increased by 7.3%, government final consumption expenditure increased by 3.9% and gross fixed capital formation increased by 10.3% in the first quarter of 2024 compared with the same quarter of the previous year in the chain linked volume index.

Exports of goods and services increased by 4.0%, imports decreased by 3.1%

Exports of goods and services increased by 4.0% in the first quarter of 2024 compared with the same quarter of the previous year in the chain linked volume index, imports of goods and services decreased by 3.1%.

Compensation of employees increased by 108.4% in the first quarter of 2024

Compensation of employees increased by 108.4% and net operating surplus/mixed income increased by 107.8% in the first quarter of 2024 compared with the same quarter of the previous year.

The share of compensation of employees in Gross Value Added was 42.0%

The share of compensation of employees in the Gross Value Added at current prices was 42.0% in the first quarter of 2024 while it was 37.8% in the previous year. The share of net operating surplus/mixed income was 44.2% while it was 40.0% in the same quarter of the previous year. (ILKHA)