Turkish economy grows 3.2% in 2024, surpassing forecast

ANKARA

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.