Newsletters & Press

February 2024

The 2023 Turkish growth figures were published by the Turkish Statistics Institute (TUIK). Turkey recorded an economic performance of 4.5% last year. GDP soared by 75% to 26,276 billion TL and GDP/capita reached 13,110 USD (compared to 10,655 USD in 2022). Turkey is maintaining a particularly high growth rate despite the terrible earthquake that struck the country on February 6, 2023 causing damage estimated at more than USD 104 billion according to government estimates.

The sectors that contributed the most to performance are:

- Finance and insurance: 9%
- Construction: 7.8%
- The services: 6.4%
- Other service activities: 4.6%
- Public administration: 3.8%
- Real estate: 2.7%
- Information and communication activities: 1.3%
- Professional, administrative and support services activities: 1.2%
- Industry: 0.8%

The agricultural sector recorded a slight decline of 0.2%.

Household consumption spending continues to be an important driver of growth: it increased by 12.8% year-on-year. The share of household consumption expenditure in GDP represents 59.1%.

Reminder of Turkey's 2023 quarterly growth: 4% in Q1, 3.9% in Q2, 5.9% in Q3 and 4% in Q4.

Turkey's other 2023 economic reports are revealed as the first weeks of 2024 pass.

The amount of foreign direct investment revealed shows that Turkey welcomed an FDI flow of 10.6 billion USD last year, an amount down 18.5% compared to the previous year (13 billion USD in 2022) but which remains significant in view of the decline in global economic activity, the recession in international trade and recent geopolitical risks. The top 10 investors were the Netherlands, Germany, the United Arab Emirates, Qatar, Russia, France, the United Kingdom, Ireland, the United States and Switzerland.

The balance sheet of trade was also published: the figures remain relatively stable and are almost similar to the year 2022. Turkish exports recorded an increase of 0.64% to reach 255.81 billion USD while imports increased. decreased by 0.51% to amount to 361.85 billion USD.

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