Türkiye's economy grows in third quarter 2024

The Turkish Statistical Institute has announced that GDP in the third quarter of this year grew by 2.1 per cent compared to the same period last year, according to the chain-volume index. 

In current prices, the GDP for the third quarter of this year reached 11.9 trillion liras, marking a 53.3 per cent increase compared to the same period in 2023, the Turkish Statistical Institute said, Caliber.Az reports per Turkish media.

In dollar terms, the GDP for the third quarter amounted to $357.99 billion. 

A detailed analysis of GDP composition shows the highest growth in the construction sector (9.2 per cent), financial and insurance sectors (6.2 per cent), agriculture (4.6 per cent), and real estate transactions (2.5 per cent). 

Moreover, there was an increase in taxes on goods less subsidies (2.3 per cent), information and communication services (2.2 per cent), as well as government administration, education, healthcare, and social security (1.9 per cent).  

Meanwhile, the economic growth figure for previous quarters has been revised. Economists surveyed by AA Finans had forecast a 2.64 per cent growth for Türkiye's economy in the third quarter of 2024.

By Naila Huseynova