Growth figures announced

The Turkish Statistical Institute (TUIK) announced the economic growth figures for the second quarter of 2023.

Gross Domestic Product (GDP) increased 3.8 percent annually in the second quarter of 2023 and 3.5 percent compared to the previous quarter. Expectations were 4% annually and 3.3% quarterly.

THE INDUSTRY IS SHOWN, CONSTRUCTION, AGRICULTURE AND SERVICES GROW

In the second quarter of 2023, the growth rates by branches of economic activity were as follows:

Other service activities 6.6 percent, services 6.4 percent, construction 6.2 percent, public administration, education, human health and social service activities 5.1 percent, financial and insurance activities 4.9 percent, real estate activities 3 percent, 2, information and communication activities grew by 1.3 percent and the agricultural sector by 1.2 percent.

Industry contracted 2.6 percent, while professional, administrative and support service activities fell 1.2 percent.

QUARTERLY GROWTH OF 3.5 PERCENT

The seasonally and calendar-adjusted chain volume index of GDP increased 3.5 percent from the previous quarter.

The calendar-adjusted GDP chain volume index increased 5 percent in the second quarter of 2023 compared to the same quarter a year earlier.

GDP amounted to TL 5.5 trillion in the second quarter of 2023

The estimate of the Gross Domestic Product by production method increased by 60.7 percent in the second quarter of 2023, at current prices, compared to the same quarter of the previous year, and amounted to 5 trillion 502 billion 192 million TL . The value of GDP for the second quarter at current prices was US$271.468 billion.

Final consumption expenditures of resident households increased by 15.6 percent in the second quarter of 2023 as a chained volume index compared to the same quarter of the previous year. Government final consumption spending rose 5.3 percent, while gross fixed capital formation rose 5.1 percent.

In the second quarter of 2023, imports of goods and services increased by 20.3 percent as a chain volume index compared to the same quarter of the previous year, while exports decreased by 9.0 percent.

INCREASE IN LABOR PAYMENTS

Labor payments increased 116.3 percent in the second quarter of 2023 compared to the same quarter of the previous year. Net operating surplus/mixed income increased 31 percent.

While the share of labor payments in gross value added at current prices was 25.3 percent in the second quarter of last year, this share reached 34.3 percent in 2023. The share of surplus net farm/mixed income, on the other hand, was 43.8 percent, while it was 53.3 percent.