Announced Growth Figures

TURKSTAT announced the growth figures for the third quarter of 2022.

Consequently, the Gross Domestic Product (GDP) increased by 3.9 percent in the third quarter of 2022 compared to the same quarter of the previous year. The growth expectation was 4.2 percent in the Bloomberg survey and 4 percent in the Reuters poll.

While the economy contracted 0.1 percent compared to the previous quarter, the Turkish economy contracted on a quarterly basis for the first time after 9 quarters. While the industry posted limited growth of 0.3 percent annually, it contracted 2.2 percent on a quarterly basis.

OF THE GREATEST CONTRIBUTION CONSUMPTION

In the third quarter, the largest contribution to growth came from consumption. While the contribution of private consumption to annual growth was 12 percent, the contribution of public consumption was 1.1 percent. While investments negatively affected growth by 0.3 percent, the negative effect of changes in inventories was 9.6 percent.

ECONOMY DECREASES BY PREVIOUS QUARTER

The seasonally adjusted and calendar-adjusted chain volume index of GDP decreased by 0.1 percent compared to the previous quarter. The calendar-adjusted GDP chained volume index increased by 3.6% in the third quarter of 2022 compared to the same quarter of the previous year.

The estimate of the Gross Domestic Product by production method increased by 120.5 percent in the third quarter of 2022, at current prices, compared to the same quarter of the previous year, and became 4 trillion 258 billion 168 million TL. The value of the GDP for the third quarter was realized at 241 thousand 523 million US dollars at current prices.

While the national income in dollars increased to 842 billion dollars, the per capita income was 9 thousand 947 dollars.

THE CONSTRUCTION SECTOR IS SHOWN

When examining the activities that make up GDP; In the third quarter of 2022, as a chained volume index with respect to the previous year; financial and insurance activities 21.6 percent, information and communication activities 13.9 percent, professional, administrative, and support service activities 12.6 percent, public administration, education, human health, and social services activities 7 .6 percent, service activities 6 percent, 9, other service activities 4.9 percent, real estate activities 4.1 percent, agriculture, forestry, and fishing 1.1 percent, and industry 0.3 percent. The construction sector, for its part, fell by 14.1%.

CONSUMER EXPENDITURES INCREASE 19.9 PERCENT

Resident household consumption expenditures increased by 19.9% ​​in the third quarter of 2022 as a chained volume index compared to the same quarter of the prior year. While government final consumption expenditures increased 8.5 percent, gross fixed capital formation decreased 1.3 percent.

In the third quarter of 2022, exports of goods and services increased 12.6 percent as a chain volume index, while imports increased 12.2 percent compared to the same quarter of the previous year.

Labor payments increased 96.2 percent and net operating surplus/mixed income increased 123.0 percent in the third quarter of 2022 compared to the same quarter of the prior year.

THE SHARE OF WORK DECREASED COMPARED TO THE PREVIOUS YEAR

Although the participation of labor payments in the Gross Value Added at current prices was 29.5 percent in the third quarter of last year, this relationship became 26.3 percent in 2022. While the participation of the net operating surplus/mixed income was 54.1%, was 54.8%.

GROWTH EVALUATION FROM THE PLANE

Treasury and Finance Minister Nureddin Nebati, sharing the growth data, said: “We continue to receive the positive results of our policies.” Nabati did not mention the quarterly contraction in his assessment.

nabati said:

“With the selective credit policy that we implement within the scope of the Turkish Economy Model, which aims at qualified and sustainable growth, we ensure that the resources of our economy are used effectively and efficiently. We continue to receive the positive results of our policies.

Our economy grew 3.9 percent annually in the third quarter of 2022. Thus, growth in the first nine months was 6.2 percent. We will be one of the countries with the highest growth this year, closing with a growth of around 5 percent, as we forecast in the Medium-Term Program (2023-2025).