The Turkish economy expanded by 3.2% in 2024, according to data released by the Turkish Statistical Institute (TUIK) covering the period of October-December 2024. This revealed the growth figure for the year. National income in 2024 increased by 63.5% compared to the previous year, reaching 43 trillion 410 billion 514 million Turkish lira. Per capita Gross Domestic Product (GDP) in 2024 was calculated at 507,615 Turkish lira or $15,463.

The growth in 2024 was influenced by the construction sector with a 9.3% impact. Activities related to the reconstruction of earthquake-prone areas in the construction sector were also noted.

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

The industrial sector had the lowest growth rate at 0.5%.

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

More details are forthcoming…