Türkiye's economy expanded by 2.5% in the second quarter of 2024 compared to the same period last year, according to the Turkish Statistical Institute (TÜİK).

This growth was driven primarily by the services sector, which saw a 7.4% increase in value added.

Construction, real estate, agriculture, information and communication, financial services, and public administration sectors also contributed to the overall growth. However, the industrial sector contracted by 1.8%.

In terms of GDP at current prices, Türkiye's economy reached 9 trillion 949 billion 792 million TRY in the second quarter, representing a 78.6% increase from the previous year. Exports slightly increased, while imports declined.

The Turkish government's final consumption expenditure and gross fixed capital formation both saw modest growth. Meanwhile, compensation of employees increased significantly by 112.4%, while net operating surplus/mixed income rose by 47.7%. (ILKHA)