Turkey GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

Units In

3.5

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

2 Months 25 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
21.7 Jun 2021	-14.5 Mar 2009	4.78 %	1999-2023	Turkish Statistical Institute

On the expenditure side, household consumption is the main component of Turkish GDP and accounts for 70 percent, followed by gross fixed capital formation (22 percent) and government expenditure (15 percent). Exports of goods and services account for 27 percent of GDP while imports account for 32 percent, subtracting 5 percent from total GDP.

Latest Updates

The Turkish economy expanded 2.5% year-on-year in the second quarter of 2024, the smallest growth since a contraction four years ago, following a downwardly revised 5.3% rise in the previous quarter and below forecasts of 3.2%. Household spending slowed sharply (1.6% vs 6.8%) as a big surge in borrowing costs weighed on consumers' purchasing power. Also, government spending grew a meager 0.7% (vs 5.4% in Q1) amid efforts to cut public expenditure and control public finances. In addition, gross capital formation (0.5% vs 9.3%) grew at a much softer pace, while exports stalled (vs 4.3%) and imports wee down 5.7% (vs -3%). Compared to the previous quarter, the Turkish economy grew a meager 0.1%, down from an expansion of 1.4% in the previous period. The IMF expects the Turkish economy to grow 3.2% this year and 3.3% in 2025.