TUIK announced the 3rd quarter growth figures. Turkish economy grew by 5.9% in the third quarter of the year.
Turkiye’s economy grew by 5.9% in the third quarter of the year compared to the same period last year.
According to TUIK data, quarterly growth was announced as 0.3%.
Final consumption expenditures of resident households increased by 11.2% in the third quarter of 2023 compared to the same quarter of the previous year. The state’s final consumption expenditures increased by 5.3% and investments by 14.7%.
While imports of goods and services increased by 14.5% in the third quarter of 2023, the growth of exports remained at 1.1%.
In the third quarter of the year, household consumption made the highest contribution to growth with 7.7 points. Household consumption was followed by investments with 3.4 points. The contribution of public expenditures to growth remained at 0.7 points.
While net exports dragged down growth by 2.6 points in the third quarter, stocks also had a negative impact of 3.2 points.
INDUSTRY AND CONSTRUCTION FEATURED IN GROWTH
When looked at sectorally, it was seen that construction and industry stood out in the growth performance in the third quarter of the year.
In the third quarter of 2023, as a chained volume index compared to the previous year, construction grew by 8.1%, industry by 5.7%, services by 4.3% and the agricultural sector by 0.3%.
THE SHARE OF THE LABOR FORCE HAS DECREASED
In the third quarter of the year, there was a decrease in the share of labor payments compared to the previous quarter.
Labor payments increased by 117.2% in the third quarter of 2023 compared to the same quarter of the previous year. Net operating surplus/mixed income increased by 50.7%.
While the share of labor payments in gross value added at current prices was 26.1% in the third quarter of last year, this rate became 32.2% in 2023. In the previous quarter, this share was at 34.3%.
The share of net operating surplus/mixed income increased from 55% to 47%.
NATIONAL INCOME WAS $295.8 BILLION
The Gross Domestic Product estimate by production method increased by 79.8% at current prices in the third quarter of 2023 compared to the same quarter of the previous year, reaching ₺7.68 trillion.
The third quarter value of GDP was $295.8 billion at current prices.
Source: Patronlardunyasi / Prepared by Irem Yildiz