The Turkish Statistical Institute announced on Thursday that gross investment expenditures on tangible assets amounted to 4 trillion 193 billion TRY in 2023.

Of this total, 1 trillion 330 billion TRY was invested by enterprises in the manufacturing sector, 602 billion TRY by those in the wholesale and retail trade sector, and 543 billion TRY by those in the transportation and storage sector.

In 2023, gross investment expenditures on machinery and equipment reached 2 trillion 206 billion TRY, while investments in existing buildings and structures totaled 1 trillion 287 billion TRY. Additionally, 361 billion TRY was allocated for major renovations of constructions and buildings, 323 billion TRY for land, and 17 billion TRY for other tangible assets.

The report highlighted that 52.6% of gross investment expenditures on tangible assets were directed towards machinery and equipment, up from 51.9% in 2022. Investments in existing buildings and structures constituted the second-largest share at 30.7% of the total expenditures in 2023. (ILKHA)