Türkiye's economy expanded by 2.1% in the third quarter of 2024, according to data released by the Turkish Statistical Institute (TÜİK) on Friday.

The construction sector was a key driver of growth, expanding by 9.2%. Other sectors that contributed to the positive growth included financial and insurance activities (6.2%), agriculture, forestry, and fishing (4.6%), and real estate activities (2.5%).

However, certain sectors experienced contraction. Other service activities declined by 2.4%, while the industry sector and professional, administrative, and support service activities decreased by 2.2% and 0.3%, respectively.

On a quarterly basis, GDP decreased by 0.2%. However, compared to the same quarter of the previous year, GDP increased by 1.9%.

In terms of expenditure components, final consumption expenditure of resident households increased by 3.1%, while government final consumption expenditure decreased by 0.9%. Gross fixed capital formation also declined by 0.8%.

On the external front, exports of goods and services increased by 0.8%, while imports decreased by 9.6%.

The share of compensation of employees in Gross Value Added increased to 36.4% in the third quarter of 2024, up from 31.9% in the previous year. The share of net operating surplus/mixed income decreased to 45.1% from 47.8%. (ILKHA)