Announced Growth Figures
The Turkish Statistical Institute (TUIK) announced the economic growth figures for the fourth quarter of 2022.
The annual GDP, obtained by the sum of four periods according to the production method, increased 5.6 percent in 2022 with respect to the previous year, as a chained volume index.
According to the production method, GDP at current prices increased by 107.0 percent in 2022 compared to the previous year and reached TL 15 trillion 6.574 million.
In 2022, GDP per capita was calculated at TL 176,589 at current prices and TL 10,655 in US dollars.
FINANCES ARE GROWING, CONSTRUCTION SHOULD
When examining the activities that make up GDP; In 2022, as a chained volume index with respect to the previous year; Financial and insurance activities total value added 21.8 percent, service activities 11.7 percent, professional, administrative, and support service activities 9.9 percent, information and communication activities 8.7 percent, other service activities 5.8 percent, public administration, education, human health and social services activities increased by 4.8 percent, real estate activities increased by 4.3 percent, industry increased by 3.3 percent and the agricultural sector increased by 0.6 percent.
The construction sector, on the other hand, contracted 8.4 percent annually in 2022.
QUARTERLY GROWTH 0.9 PERCENT
Initial Fourth Quarter GDP Forecast; As a chained volume index, it increased 3.5 percent in the fourth quarter of 2022 compared to the same quarter a year earlier.
The seasonally and calendar-adjusted chain volume index of GDP increased by 0.9 percent compared to the previous quarter.
The estimate of the Gross Domestic Product by production method increased by 106.2 percent in the fourth quarter of 2022, at current prices, compared to the same quarter of the previous year, and became 4 trillion 800 billion 717 million from TL. The value of GDP for the fourth quarter was 262 thousand 669 million dollars at current prices.
Final consumption expenditures of resident households increased by 19.7% in 2022 compared to the previous year’s chained volume index. The share of household consumption expenditure in GDP was 57.5 percent.
Final consumption expenditures of resident households increased by 16.1% in the fourth quarter of 2022 as a chained volume index compared to the same quarter of the previous year. Government final consumption expenditures increased 9.0 percent and gross fixed capital formation increased 2.6 percent.
In 2022, exports of goods and services increased 9.1 percent and imports 7.9 percent, according to the previous year’s chain-linked volume index. Exports of goods and services decreased 3.3 percent as a chain volume index in the fourth quarter of 2022 compared to the same quarter of the previous year, while imports increased 10.2 percent.
DECREASE IN THE SHARE OF WORKERS
While labor pay increased 82.7 percent in 2022 compared to the prior year, net operating surplus/mixed income increased 115.2 percent. In the fourth quarter of 2022, while labor pay increased 103.3 percent compared to the same quarter a year earlier, net operating surplus/mixed income increased 104.9 percent.
While the share of labor payments in Gross Value Added at current prices was 30.1 percent last year, this rate became 26.5 percent in 2022. The share of net operating surplus/mixed income increased from 52.5 percent to 54.5 percent.