2024-03-03 08:00:11
Turkey’s GDP increased by 4% year on year in the fourth quarter of 2023, Day.Az reports, citing the country’s statistical institute TurkStat.
The growth rate slowed down compared to the previous quarter, but was significantly higher than the consensus forecast of experts surveyed by Trading Economics (+3.5%).
According to revised data, Turkish GDP increased by 6.1% in the third quarter, not by 5.9% as previously reported.
Growth in activity in the manufacturing sector in October-December slowed to 1.9% in annual terms against 5.5% in the third quarter, including in the processing industry – to 1.8% from 5.9%.
In the services sector, growth rates decreased to 3% from 4.6%, in the construction sector they accelerated to 10.8% from 7.8%.
Consumer spending in Turkey in the fourth quarter increased by 9.3% (+11.1% in the third quarter), gross investment in fixed assets – by 10.7% (+14.8%), government spending – by 1.7 % (+7.6%).
Exports from Turkey increased by 0.2%, imports increased by 2.7%.
The country’s GDP in October-December increased by 1% compared to the third quarter, when its increase was 0.3%.
At the end of 2023, the Turkish economy grew by 4.5% after growing by 5.5% in 2022.