Turkey GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

3.2

Units In

2.1

Frequency

Quarterly

Next Release

May 30, 2025

Time to Release

2 Months 28 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
21.7 Jun 2021	-14.5 Mar 2009	4.74 %	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 expanded 3% year-on-year in Q4 2024, up from a revised 2.2% in Q3, beating forecasts of 2.6%. This marks the strongest expansion since Q1, driven by stronger household consumption (3.9% vs. 2.6% in Q3), higher government spending (1.6% vs. 0.1%), and a sharp rebound in fixed investments (6.1% vs. -0.1%). Meanwhile, net trade dragged on GDP, as exports fell 2% (vs. +0.7%), while imports rose 1.6% (vs. -9.6%). On a quarterly basis, GDP expanded 1.7%, rebounding from a 0.1% decline in Q3 and marking the steepest growth since Q2 2023. For the full year, the Turkish economy grew 3.2%.