The Turkish economy expanded by 3.2% in 2024, with the Gross Domestic Product (GDP) reaching 1.32 trillion dollars. The per capita income stood at 15,463 dollars. The highest contribution to growth came from the construction sector, driven by earthquake-related spending. In the fourth quarter of last year, a growth rate of 3% was recorded.

The Turkish Statistical Institute (TurkStat) released the Gross Domestic Product (GDP) data covering the October-December 2024 period. This revealed the growth figure for 2024. The Turkish economy grew by 3.2% in 2024, with the national income reaching 43 trillion 410 billion 514 million liras (1.32 trillion dollars), reflecting a 63.5% increase from the previous year.

PER CAPITA INCOME REACHES 15,463 DOLLARS

The Per Capita Gross Domestic Product (GDP) in 2024 was calculated as 507,615 liras, equivalent to 15,463 US dollars.

IMPACT OF CONSTRUCTION SECTOR

The growth in 2024 was influenced by the construction sector, registering a 9.3% increase. The reconstruction activities in earthquake-hit areas were significant contributors to this growth.

Taxes on products and negative subsidies increased by 7.7%, while financial and insurance activities saw a 4.9% rise.

The lowest growth was seen in the industrial sector, with a 0.5% increase.

3% GROWTH IN THE FOURTH QUARTER

During the fourth quarter of 2024, there was a 3% growth compared to the same quarter of the previous year.

CONSUMER SPENDING REMAINS STRONG

Household final consumption expenditures rose by 3.7% in 2024. The share of household consumption expenses in the GDP at current prices stood at 59.2%.

Consumer spending saw a 3.9% increase in the fourth quarter of 2024. Government final consumption expenditures increased by 1.6%, while gross fixed capital formation rose by 6.1%.

In the fourth quarter, household consumption contributed 2.3 percentage points to growth, while government spending and investments each added 0.4 percentage points.