The Turkish Statistical Institute (TÜİK) announced the Gross Domestic Product (GDP) data for the period covering January-March.
According to this, the Turkish economy grew by 4% in the first quarter of the year.
Service activities increased by 12.4% in the first quarter of 2023. When the activities making up the GDP are examined; as a chained volume index compared to the previous year in the first quarter of 2023; services increased by 12.4%, professional, administrative and support service activities increased by 12.0%, financial and insurance activities by 11.2%, information and communication activities by 8.1%, other service activities by 7.8%, construction by 5.1%, public administration, education, human health and social service activities by 3.6%, and real estate activities by 1.4%. The agriculture sector decreased by 3.8%, while industry decreased by 0.7%.
The seasonally and calendar-adjusted GDP chained volume index increased by 0.3% compared to the previous quarter.
The calendar-adjusted GDP chained volume index increased by 3.8% in the first quarter of 2023 compared to the same quarter of the previous year.
GDP was 4 trillion 631 billion 792 million TL at current prices. The Gross Domestic Product estimate by production method, in the first quarter of 2023, increased by 84.4% compared to the same quarter of the previous year at current prices, reaching 4 trillion 631 billion 792 million TL.
The value of GDP in the first quarter was realized as 245 billion 464 million in US dollars at current prices.
Household final consumption expenditures increased by 16.2%. Resident household final consumption expenditures increased by 16.2% as a chained volume index compared to the same quarter of the previous year in the first quarter of 2023.
Government final consumption expenditures increased by 5.3%, gross fixed capital formation increased by 4.9%.
While imports of goods and services increased by 14.4%, exports decreased by 0.3%. In the first quarter of 2023, imports of goods and services increased by 14.4% as a chained volume index compared to the same quarter of the previous year, while exports decreased by 0.3%.
Labor force payments increased by 126.1%. Labor force payments increased by 126.1% in the first quarter of 2023 compared to the same quarter of the previous year.
Net operating surplus/mixed income increased by 48.7%.
The share of labor force payments in Gross Value Added was 38.0%. The share of labor force payments in Gross Value Added at current prices, which was 31.1% in the first quarter of last year, was 38.0% in 2023.
The share of net operating surplus/mixed income, which was 47.6% in the first quarter of last year, was 38.2% in the first quarter of 2023.
Excluding the effect of the EYT regulation… Along with the faster increase of labor force payments in relation to GDP, the introduction of regulations related to those Stuck at Retirement Age (EYT) in the Social Insurance and General Health Insurance Law resulted in a significant increase in severance pay payments, increasing the share of labor force payments in added value.
Excluding the effect of the EYT regulation, it was estimated that the share of labor force payments in Gross Value Added would be approximately 33.5%.
Growth figures were announced. The Turkish economy grew by 4% in the first quarter of the year. Economists were expecting 3.74. Economists had predicted
Economists had predicted that the Turkish economy would grow by 3.74% in the first quarter of the year.
In 2022, the Turkish economy grew by 7.6% in the first quarter, 7.8% in the second quarter, 4% in the third quarter, and 3.5% in the fourth quarter.
The economy also recorded a growth of 5.6% for the year 2022 according to the annual figures.
In summary, the Turkish economy has shown significant growth in the first quarter of 2023, outperforming the economists’ predictions. This growth was driven by an increase in various sectors such as services, administrative and support service activities, financial and insurance activities, and more. However, it’s worth noting that the agriculture and industry sectors witnessed a decrease during the same period.
