Türkiye’s economy have expanded 4% in the first quarter, official data showed Wednesday, with growth reined in by the impact of February's earthquakes in the country's south. GDP increased by 84.4% and reached 4,631,792,000, 000 TRY at current prices. GDP realized 245,464,000,000 US Dollars in the first quarter of 2023, Turkish Statistical Institute, TurkStat says.
Services increased by 12.4% in the first quarter of 2023
When the activities which constitute gross domestic product were analyzed; the value added increased by 12.4% in services, 12.0% in professional, administrative and support service activities, 11.2% in financial and insurance, 8.1% in information and communication, 7.8% in other service activities, 5.1% in construction, 3.6% in public administration, education, human health and social work activities and 1.4% in real estate activities. Industry sector and agriculture, forestry and fishing decreased by 0.7% and 3.8%, respectively.
GDP reached 4,631,792,000,000 TRY at current prices in the first quarter of 2023
GDP increased by 84.4% and reached 4,631,792, 000, 000 TRY at current prices. GDP realized 245,464,000,000 US Dollars in the first quarter of 2023.
Final consumption expenditure of resident households increased by 16.2% in the first quarter of 2023
Final consumption expenditure of resident households increased by 16.2%, government final consumption expenditure increased by 5.3% and gross fixed capital formation increased by 4.9% in the first quarter of 2023 compared with the same quarter of the previous year in the chained linked volume index.
Imports of goods and services increased by 14.4%, exports decreased by 0.3%
Imports of goods and services increased by 14.4% in the first quarter of 2023 compared with the same quarter of the previous year in the chained linked volume index, exports of goods and services decreased by 0.3%.
Compensation of employees increased by 126.1% in the first quarter of 2023
Compensation of employees increased by 126.1% and net operating surplus/mixed income increased by 48.7% in the first quarter of 2023 compared with the same quarter of the previous year.
The share of compensation of employees in Gross Value Added was 38.0%
The share of compensation of employees in the Gross Value Added at current prices was 38.0% in the first quarter of 2023 while it was 31.1% in the previous year. The share of net operating surplus/mixed income was 38.2% while it was 47.6% in the same quarter of the previous year.
In addition to the faster increase in compensation of employees relative to GDP, the share of compensation of employees in GVA increased due to the significant increase in severance payments after the enactment of the Social Insurance and General Health Insurance Law, which includes the regulations on the Pensioners' Pension. Excluding the impact of the regulations on the Pensioners' Pension, the share of compensation of employees in GVA is approximately estimated as 33.5%.
