Turkish Statistical Institute (TUIK) announced the first quarter growth figures of 2023. According to the gross domestic product data covering the January-March period announced by the institution, the Turkish economy grew by 4 percent. Economists participating in the AA Finans Growth Expectation Survey had predicted that the Turkish economy would grow by 3.74 percent in the first quarter of the year.
SERVICE ACTIVITIES INCREASED 12.4 PERCENT
When the activities that make up the GDP are examined; In the first quarter of 2023, as a chained volume index compared to the previous year; services 12.4%, professional, administrative and support service activities 12.0%, finance and insurance activities 11.2%, information and communication activities 8.1%, other service activities 7.8%, construction 5.1% public administration, education, human health and social work activities increased by 3.6% and real estate activities increased by 1.4%. The agricultural sector decreased by 3.8% and the industry decreased by 0.7%.
Seasonally and calendar adjusted GDP chained volume index increased by 0.3% compared to the previous quarter. The calendar adjusted GDP chained volume index increased by 3.8% in the first quarter of 2023 compared to the same quarter of the previous year.
FIRST QUARTER VALUE OF GDP 245 BILLION 454 MILLION
The estimation of Gross Domestic Product by production method increased by 84.4% in the first quarter of 2023, at current prices, compared to the same quarter of the previous year, and became 4 trillion 631 billion 792 million TL. The first quarter value of GDP was 245 billion 464 million in US dollars at current prices.
HOUSEHOLD FINAL CONSUMPTION EXPENDITURES PLUS 16.2 PERCENT
Final consumption expenditures of resident households increased by 16.2% in the first quarter of 2023 as a chained volume index compared to the same quarter of the previous year. Final consumption expenditures of the government increased by 5.3% and gross fixed capital formation increased by 4.9%.
IMPORTS OF GOODS AND SERVICES INCREASED 14.4 PERCENT
In the first quarter of 2023, imports of goods and services increased by 14.4% as a chained volume index compared to the same quarter of the previous year, while exports decreased by 0.3%.
LABOR PAYMENTS INCREASED 126.1 PERCENT
Labor payments increased by 126.1% in the first quarter of 2023 compared to the same quarter of the previous year. Net operating surplus/mixed income increased 48.7%.
The share of labor payments in Gross Value Added was 38.0%
SHARE OF LABOR PAYMENTS IN GROSS VALUE ADDED 38 PERCENT
While the share of labor payments in Gross Value Added at current prices was 31.1% in the first quarter of last year, this ratio became 38.0% in 2023. While the share of net operating surplus/mixed income was 47.6% in the first quarter of last year, it became 38.2% in the first quarter of 2023.
In addition to the faster increase in labor force payments compared to GDP, the significant increase in severance pay payments, with the entry into force of the Social Insurance and General Health Insurance Law’s regulations on the Aged at Retirement (EYT), has increased the share of labor payments in value added. Excluding the effect of the EYT regulation, the share of labor payments in Gross Value Added is estimated to be approximately 33.5%.
