Turkey GDP Annual Growth Rate

The Turkish economy grew 4% year-on-year in Q4 2023, following an upwardly revised 6.1% rise in Q4 and beating forecasts of 3.5%. On the production side, a slowdown was seen in the industrial sector (1.9% vs 5.5%), namely manufacturing (1.8% vs 5.9%), public administration (1.9% vs 4.8%) and services (3% vs 4.6%) while a contraction was recorded for information and communication (-3% vs 1.1%) and professional and administrative activities (-1.5% vs -2.1%). On the other hand, agriculture (0.5% vs 0.3%), real estate (2.8% vs 2.7%) and construction (10.8% vs 7.8%) rose at a faster pace. On the expenditure side, both household consumption (9.3% vs 11.1%) and gross fixed capital formation (10.7% vs 14.8%) rose at a robust pace while government spending (1.7% vs 7.6%) slowed sharply. Exports (0.2% vs 1.2%) and imports (2.7% vs 14.5%) also rose less. Compared to the previous quarter, the GDP grew 1%. Considering the full 2023, the Turkish economy expanded 4.5%, compared to 5.5% in 2022.