Turkey's Growth Rate For 2019 Announced

Turkey's Growth Rate For 2019 Announced

Turkey's economy grew by 0.9 percent in 2019. The expectation was for growth of 0.6 percent. Turkey grew 6 percent in the fourth quarter of 2019. The Turkish Statistical Institute ( TurkStat) announced GDP data for 2019. Growth was 0.9 percent in 2019. Annual GDP, as a shackled volume index (2009=100), was up 0.9 percent in 2019 compared to the previous year, according to the production method, with a total of four periods. According to the production method, GDP at current prices increased by 14.9 percent in 2019 from the previous year to 4 trillion 280 billion 381 million TL. GROSS DOMESTIC PRODUCT PER CAPITA WAS 51 834 TL IN 2019 GDP per capita in 2019 was calculated at current prices of 51 834 TL and 9 127 in US dollars. FINANCE AND INSURANCE ACTIVITIES INCREASED BY 7.4 PERCENT IN 2019 In 2019, Finance and insurance activities increased by 7.4 percent, public administration, education, human health, and social work activities by 4.6 percent, other service activities by 3.7 percent and agriculture sector by 3.3 percent. The construction sector was down 8.6 percent and professional, administrative and support service activities were down 1.8 percent. GDP GREW 6.0 PERCENT IN FOURTH QUARTER OF 2019 GDP fourth-quarter first forecast; as a shackled volume index, it increased 6.0 percent in the fourth quarter of 2019 compared to the same quarter the previous year. The GDP shackled Volume Index, free of seasonal and calendar effects, was up 1.9 percent compared with the previous quarter. The calendar effect-free GDP chained volume index increased by 6.0 percent in the fourth quarter of 2019 compared with the same quarter a year earlier. GDP WAS 1 TRILLION 189 BILLION 855 MILLION TL AT CURRENT PRICES IN THE FOURTH QUARTER OF 2019 Gross domestic product forecast by production method was 1 trillion 189 billion 855 million TL in the fourth quarter of 2019 with current prices increasing by 17.0 percent compared to the same quarter of the previous year. The fourth quarter value of GDP was 205 billion 692 million on a US dollar basis at current prices. HOUSEHOLD FINAL CONSUMPTION SPENDING ROSE 0.7 PERCENT IN 2019 Total final consumption expenditures of resident households and non-profit organizations serving households (HHKOK) increased 0.7 percent in 2019 compared to the previous year, according to the shackled volume index. The share of household consumption expenditures in GDP was 57.4 percent. HOUSEHOLD FINAL CONSUMPTION SPENDING ROSE 6.8 PERCENT IN FOURTH QUARTER OF 2019 Total final consumption expenditures of resident households and non-profit organizations serving households (HHKOK) increased 6.8 percent in the fourth quarter of 2019 as a shackled volume index compared to the same quarter the previous year. The state's final consumption expenditures increased by 2.7 percent, while gross fixed capital formation decreased by 0.6 percent. EXPORTS OF GOODS AND SERVICES ROSE 6.4 PERCENT IN 2019, WHILE IMPORTS DECLINED 3.6 PERCENT In 2019, exports of goods and services rose 6.4 percent on the previous year, while imports declined 3.6 percent, according to the shackled volume index. Exports of goods and services rose 29.3 percent in the fourth quarter of 2019, while imports of 4.4 percent as a shackled volume index compared to the same quarter a year earlier. LABOUR PAY RISES 19.9 PERCENT IN 2019 Labour pay rose 19.9 percent in 2019, while net operating surplus/mixed-income rose 11.5 percent. Labor payments increased 19.5 percent in the fourth quarter of 2019 compared to the same quarter a year earlier, and net operating surplus/mixed-income increased 16.7 percent. THE SHARE OF LABOUR PAYMENTS IN GROSS VALUE ADDED IN 2019 WAS 35.1 PERCENT The share of labour payments in gross value added at current prices was 33.8 percent last year, compared to 35.1 percent in 2019. The share of net operating surplus/mixed-income fell from 48.7 percent to 47.0 percent.