Turkish Statistical Institute (TUIK) announced the gross domestic product (GDP) data covering the January-March period.

Accordingly, the first quarter estimate of GDP for 2023; As a chained volume index, it increased by 4.0 percent compared to the same quarter of the previous year.

When the activities that make up the GDP are examined; In the first quarter of 2023, as a chained volume index compared to the previous year; services 12.4 percent, professional, administrative and support service activities 12.0 percent, finance and insurance activities 11.2 percent, information and communication activities 8.1 percent, other service activities 7.8 percent, construction 5.1 percent public administration, education, human health and social work activities increased by 3.6 percent and real estate activities increased by 1.4 percent. The agricultural sector decreased by 3.8 percent and the industry by 0.7 percent.

Seasonally and calendar adjusted GDP chained volume index increased by 0.3 percent compared to the previous quarter. The calendar adjusted GDP chained volume index increased by 3.8 percent in the first quarter of 2023 compared to the same quarter of the previous year.

The estimation of Gross Domestic Product by production method increased by 84.4 percent in the first quarter of 2023, at current prices, compared to the same quarter of the previous year, and became 4 trillion 631 billion 792 million TL. The first quarter value of GDP was 245 billion 464 million in US dollars at current prices.


Household final consumption expenditures increased by 16.2%

Final consumption expenditures of resident households increased by 16.2 percent in the first quarter of 2023 as a chained volume index compared to the same quarter of the previous year. The final consumption expenditures of the government increased by 5.3 percent, while the gross fixed capital formation increased by 4.9 percent.


While imports of goods and services increased by 14.4 percent, exports decreased by 0.3 percent.

In the first quarter of 2023, imports of goods and services increased by 14.4 percent as a chained volume index compared to the same quarter of the previous year, while exports decreased by 0.3 percent.


Labor payments increased by 126.1 percent in 2023

Labor payments increased by 126.1 percent in the first quarter of 2023 compared to the same quarter of the previous year. Net operating surplus/mixed income increased 48.7 percent.


The share of labor payments in Gross Value Added was 38.0 percent

While the share of labor payments in Gross Value Added at current prices was 31.1 percent in the first quarter of last year, this ratio became 38.0 percent in 2023. While the share of net operating surplus/mixed income was 47.6 percent in the first quarter of last year, it became 38.2 percent in the first quarter of 2023.

In addition to the faster increase in labor force payments compared to GDP, the significant increase in severance pay payments, with the entry into force of the Social Insurance and General Health Insurance Law’s regulations on the Aged at Retirement (EYT), has increased the share of labor payments in value added. Excluding the effect of the EYT regulation, the share of labor payments in Gross Value Added is estimated to be approximately 33.5 percent.

The Turkish economy grew by 7.6 percent in the first quarter, 7.8 percent in the second quarter, 4 percent in the third quarter and 3.5 percent in the fourth quarter of 2022, and recorded a growth of 5.6 percent according to 2022 annual figures.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *