Türkiye’s economy expanded by 5.9% year-on-year in the third quarter of 2023, according to the Turkish Statistical Institute (TurkStat) on Thursday.

GDP with chain linked volume index increased by 5.9% compared with the same quarter of the previous year in the third quarter of 2023.

Construction sector increased by 8.1% in the third quarter of 2023

When the activities which constitute gross domestic product were analyzed; the value added increased by 8.1% in construction, 5.7% in industry sector, 5.1% in financial and insurance, 4.3% in services, 3.6% in public administration, education, human health and social work activities, 2.7% in real estate activities, 2.2% in other service activities, 1.7% in information and communication and 0.3% in agriculture, forestry and fishing, respectively. Professional, administrative and support service activities decreased by 2.5%. Also taxes less subsidies on products increased by 16.5%.

Seasonally and calendar adjusted GDP with chain linked volume index (2009=100) increased by 0.3% compared with previous quarter. Calendar adjusted GDP with chain linked volume index (2009=100) increased by 5.1% compared with the same quarter of the previous year in the third quarter of 2023.

GDP reached 7 trillion 681 billion 432 million TRY at current prices in the third quarter of 2023

GDP increased by 79.8% and reached 7 trillion 681 billion 432 million TRY at current prices. GDP realized 295 billion 815 million US Dollars in the third quarter of 2023.

Final consumption expenditure of resident households increased by 11.2% in the third quarter of 2023

Final consumption expenditure of resident households increased by 11.2%, government final consumption expenditure increased by 5.3% and gross fixed capital formation increased by 14.7% in the third quarter of 2023 compared with the same quarter of the previous year in the chained linked volume index.

Imports of goods and services increased by 14.5%, exports increased by 1.1%

Imports of goods and services increased by 14.5% in the third quarter of 2023 compared with the same quarter of the previous year in the chained linked volume index, exports of goods and services increased by 1.1%.

Compensation of employees increased by 117.2% in the third quarter of 2023

Compensation of employees increased by 117.2% and net operating surplus/mixed income increased by 50.7% in the third quarter of 2023 compared with the same quarter of the previous year.

The share of compensation of employees in Gross Value Added was 32.2%

The share of compensation of employees in the Gross Value Added at current prices was 32.2% in the third quarter of 2023 while it was 26.1% in the previous year. The share of net operating surplus/mixed income was 47.0% while it was 55.0% in the same quarter of the previous year. (ILKHA)