Turkey GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

2.1

Units In

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 28 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
21.7 Jun 2021	-14.5 Mar 2009	4.75 %	1999-2024	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

Turkey's GDP grew by 2.1% year-on-year in Q3 2024, marking the slowest expansion since the contraction in Q2 2020, as high interest rates continue to weigh on the economy. It follows a downwardly revised 2.4% growth in Q2 and compares with forecasts of 2.6%. Gross capital formation shrank 0.8%, the first decline in two years (vs 0.8% in Q2) and government expenditure contracted the most since Q1 2021 (-0.9% vs -0.4%). Also, exports growth slowed and imports shrank much more (-9.6% vs -5.8%). On the other hand, household spending increased at a faster pace (3.1% vs 1.5%). Compared to the previous quarter, GDP contracted by 0.2%, matching the revised 0.2% decline recorded in Q2. This marks the first time since 2018 that the economy has shrunk for two consecutive quarters.