2/28/2025
Türkiye Economy Grew by 3,2 Percent in 2024
In terms of activities forming GDP; total added value of Construction Sector in 2024 increased 9,3% compared to previous year. Share of household consumption expenditures in GDP on current prices has been 59,2%. Good and service export increased 0,9%, import decreased 4,1%... Minister of Treasury and Finance Şimşek: "Share of labor force payments in gross added value reached 40,5%, historical highest level, in the last quarter. Industrial added value turned to positive after two quarters and all sectors growth was supported by production in last quarter. Machinery equipment investments of note for our potential growth, grew by 4,2% in the last quarter. In 2024, a balanced growth realized by 2,1 point contribution of domestic demand, 1,1 point contribution of net foreign demand. Thus, ratio of current deficit to national income receded by 2,8 points as to be 0.8% in 2024. We will continue to pursue our policies accelerating structural conversion of our country for making all our gains permanent"...
Türkiye Statistics Institute (TÜİK) has announced 2024 and 2024 last quarter growth statistics. According to production management, the annual Gross Domestic Product (GDP) reached by totaling the four quarters increased 3,2% in 2024 compared to the previous year. Türkiye economy grew 4,5% in 2023 compared to the previous year TEBA:2160/ February 29, 2024. According to production management, GDP increased 63,5% on current prices in 2024 compared to the previous year as to be TL 43 trillion 410 billion 514 million. Per capita GDP has calculated to be TL507 thousand 615 in 2024 on current prices, to be 15 thousand 463 on US Dollar basis. In 2024, the construction sector added value increased 9,3%: In terms of activities forming GDP, construction sector total added value increased by 9,3%, taxes minus subsidies on product increased 7,7%, finance and insurance activities increased 4,9%, agriculture increased 3,9%, information and communication activities increased 3,4%, services increased 3,1%, real estate activities increased 2,4%, public management, education, human health and social service activities increased 1,8%, professional, administrative and support services increased 1,4%, other service activities increased 1,2% and industry increased 0,5% in 2024 compared to previous year. Share of household consumption expenditures in GDP in 2024 has been 59,2%: End consumption expenditures of resident households increased 3,7% in 2024 compared to chained volume index of previous year. Share of household consumption expenditures in GDP on current prices has been 59,2%. In 2024, good and service export increased 0,9%, import decreased by 4,1%. 2024’s 4. quarter growth has been 3%: First estimation of GDP for fourth quarter of 2024; increased 3,0% compared to the same quarter of previous year as chained volume index. GDP's fourth quarter value has been 369 billion 368 million on Dollar based current prices. End consumption spending of resident households increased 3,9% in fourth quarter of 2024 compared to same quarter of previous year. End consumption spending of the State increased 1,6%, gross fixed capital formation increased 6,1%. Minister of Treasury and Finance Mehmet Şimşek: Minister of Treasury and Finance Mehmet Şimşek has made following announcement on growth data: "Our economy grew by 3% annually in the last quarter of 2024, 1,7% grew per quarter. Thus, 2024 growth realized as 3,2%. Our national income exceeded USD 1,3 trillion, per capita income reached USD15 thousand 463. Share of labor force payments in gross added value reached its historically highest in the last quarter as 40,5%. Industrial added value turned to positive after two quarters and all sectors on production side have supported growth in the last quarter. Machinery equipment investments of importance for our potential growth grew by 4,2% in last quarter. In 2024, a balanced growth has been realized with 2,1 point contribution of domestic demand, 1,1 point of net foreign demand. Thus, ratio of current deficit to national income receded by 2,8 points to be 0.8% in 2024. We will continue to pursue our policies to accelerate structural conversion of our country for making all our acquisitions permanent."
Annual Report
