In the second quarter of 2022, the Turkish economy grew by 7.6% compared to the same period of the previous year. The market expectation was for the growth to be 7.3%. While the share of labor payments in Gross Value Added at current prices was 32.6% in the second quarter of last year, this rate decreased to 25.4% in 2022.
TURKSTAT announced the second quarter GDP growth data. Accordingly, the Turkish economy grew by 7.6% in the April-June period compared to the same period of the previous year. The market expectation was for an annual growth of 7.3%.
In the second quarter, the economy grew by 2.1% compared to the first quarter.
RISE IN FINANCE, DECREASE IN CONSTRUCTION
When the activities that make up the GDP are analyzed, in the second quarter of 2022, finance and insurance activities increased by 26.6%, service activities by 18.1%, professional, administrative and support service activities by 11%, industry by 7.8%, information and communication activities 5.3%, real estate activities 4.1%, other service activities 1.9% and public administration, education, human health and social work activities 1.7% compared to the previous year. Agriculture, forestry and fisheries decreased by 2.9% and the construction sector decreased by 10.9%.
CONSUMPTION EXPENDITURES INCREASED BY 22.5%
Consumption expenditures of resident households increased by 22.5% annually. Final consumption expenditures of the government increased by 2.3% and gross fixed capital formation increased by 4.7%. According to TUIK data, exports of goods and services increased by 16.4% and imports by 5.8%.
THE SHARE OF WAGES DECREASED
Labor payments increased by 66.4% and net operating surplus/mixed income increased by 134.7% in the second quarter of 2022 compared to the same quarter of the previous year. While the share of labor payments in Gross Value Added at current prices was 32.6% in the second quarter of last year, this rate decreased to 25.4% in 2022. On the other hand, the share of net operating surplus/mixed income increased from 49.2% to 54%.
Source: Haberturk / Translated by Irem Yildiz