Turkish economy grows 3.2% in 2024, surpassing forecast
GDP in Türkiye increases 3% year-on-year in 4th quarter of last year, accelerating from previous quarter
The Turkish economy grew 3.2% in 2024, above the market forecast of 3.1%, according to data released Friday by the Turkish Statistical Institute (TurkStat).
Gross domestic product (GDP) at current prices soared 63.5% to 43.4 trillion Turkish liras ($1.3 trillion) in 2024 compared to the previous year, a TurkStat statement said.
GDP per capita stood at 507,615 liras ($15,463) at current prices last year.
In the fourth quarter of 2024, the Turkish economy expanded 3% year-on-year, slightly exceeding economists' expectations
Economists participating in an Anadolu survey on Thursday predicted that GDP in Türkiye would rise 2.98% in the October-December period.
The annual growth figure accelerated from 2.2% in the third quarter and 2.4% in the second quarter. The Turkish economy recorded its highest growth rate of the year, 5.4%, in the first quarter of 2024.
On a quarterly basis, Türkiye's GDP increased 1.7% in the three months to December, reversing from a 0.1% decline in the previous quarter.
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