TurkStat announced the Quarterly Gross Domestic Product data for the third quarter. Turkish economy grew by 5.9 percent on annual basis in the third quarter of the year. Turkey grew by 0.3 percent on a quarterly basis. The economy was expected to grow by 5.5 percent in the third quarter due to the high course of domestic demand and consumption. Meanwhile, the first quarter growth was revised from 3.9 percent to 4.0 percent and the second quarter growth was revised from 3.8 percent to 3.9 percent.
Household consumption, public sector, and investments contributed 7.7 points, 0.7 points, and 3.4 points to the 5.9 percent growth. Net exports and inventory changes pulled growth down by 2.6 and 3.2 percentage points, respectively.
In the third quarter of 2023, the Gross Domestic Product estimate by production method increased by 79.8 percent at current prices compared to the same quarter of the previous year and reached TRY 7 trillion 681 billion 432 million.
The third quarter value of GDP was realized as 295,81 billion in USD terms at current prices.
As of the third quarter, national income per capita was USD 12,449.
Industry activities grew by 5,7 percent
When the activities which constitute gross domestic product were analyzed; the value added increased by 8.1% in construction, 5.7% in industry sector, 5.1% in financial and insurance, 4.3% in services, 3.6% in public administration, education, human health and social work activities, 2.7% in real estate activities, 2.2% in other service activities, 1.7% in information and communication and 0.3% in agriculture, forestry and fishing, respectively. Professional, administrative and support service activities decreased by 2.5%. Also taxes less subsidies on products increased by 16.5%.
Household consumption up by 11,2 percent
Final consumption expenditure of resident households increased by 11.2%, government final consumption expenditure increased by 5.3% and gross fixed capital formation increased by 14.7% in the third quarter of 2023 compared with the same quarter of the previous year in the chained linked volume index.
Imports up by 14,5 percent in Q3
Imports of goods and services increased by 14.5% in the third quarter of 2023 compared with the same quarter of the previous year in the chained linked volume index, exports of goods and services increased by 1.1%.
