GROWTH DRIVEN BY HOUSEHOLD CONSUMPTION AND INVESTMENT

The Turkish economy grew by 4 percent in the fourth quarter of 2023. Thus, the annual growth for 2023 was recorded at 4.5%. The largest contribution to growth in this quarter came from private consumption with 5.3 pp. The contribution of net exports, which was minus 5.3 pp in the previous quarter, was minus 2.3 pp in this quarter. Changes in inventories, which made a positive contribution to growth in the previous two quarters, decreased growth by 2.3 pp this quarter. According to the seasonally and calendar-adjusted series, Turkish economy grew by 1 percent from the third quarter to the fourth quarter of 2023. Private consumption made a positive contribution of 2.2 pp to quarterly growth, while foreign trade made a positive contribution of 0.9 pp. Investments pulled quarterly growth down by 0.2 pp and stock changes by 1.4 pp.

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Quarterly growth is negative

In light of the fully-released October and November, and partly-released December leading indicators, we expect GDP to increase by 4.4 percent year-on-year in the fourth quarter of 2023. According to seasonal and calendar-adjusted data, we forecast quarter-on-quarter GDP growth to be 0.7 percent.

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DECREASES IN EMPLOYMENT AND UNEMPLOYMENT 

 The decrease of 59,000 in employment, along with a decrease of 46,000 in the number of unemployed, resulted in a total labor force decrease of 105,000. The overall unemployment rate has decreased by 0.1 percentage points from August to September, reaching 9.1 percent. 

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High GDP Growth in the Third Quarter

In light of the fully-released July, August and partly-released Septem- ber leading indicators, we expect GDP to increase by 6.2 percent year- on-year in the third quarter of 2023. According to seasonal and calendar- adjusted data, we forecast quarter-on-quarter GDP growth to be 1.3 per- cent.

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High GDP Growth in the Third Quarter

In light of the fully-released July and partly-released August leading indicators, we expect GDP to increase by 6.3 percent year-on-year in the third quarter of 2023. According to seasonal and calendar-adjusted data, we forecast quarter-on-quarter GDP growth to be 1.4 percent.

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GDP Growth in the Second Quarter

In light of the fully-released May, June, and partly-released July leading indicators, we expect GDP to increase by 4.5 percent year-on-year in the second quarter of 2023. According to seasonal and calendar-adjusted data, we forecast quarter-on-quarter GDP growth to be 1.7 percent.

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Economic Growth in the Second Quarter

In light of the fully-released April, May, and partly-released June leading indicators, we expect GDP to increase by 4.7 percent year-on- year in the second quarter of 2023. According to seasonal and calendar- adjusted data, we forecast quarter-on-quarter GDP growth to be 1.6 per- cent.

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Impact of Earthquake on GDP Growth in the First Quarter

In light of the fully-released February, March and partly-released April leading indicators, we expect GDP to increase by 1.9 percent year- on-year in the first quarter of 2023. According to seasonal and calendar- adjusted data, we forecast quarter-on-quarter GDP growth to be 1.0 percent.

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Impact of Earthquake on GDP Growth in the First Quarter

In light of the fully-released January, February, and partly-released March leading indicators, we expect GDP to increase by 1.1 percent year-on-year in the first quarter of 2023. According to seasonal and calendar-adjusted data, we forecast quarter-on-quarter GDP growth to be 0.9 percent.

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THE CONTRIBUTION OF NET EXPORTS TO GDP GROWTH IS NEGATIVE

The Turkish economy grew by 3.5 percent in the last quarter of 2022. Thus, the annual growth for 2022 was recorded at 5.6%. Private consumption was the key driver of the growth, accounting for 9.1pp. The contribution of net foreign trade (0.7pp in the previous quarter) was -5.7pp. Changes in inventories pulled the growth down by 1.8pp. According to the seasonally and calendar-adjusted series, the Turkish economy grew 0.9% on quarter in the last quarter of 2022. While private consumption contributed 3.1pp to quarterly GDP growth, net foreign trade’s contribution was -2.0pp. Investments pushed the quarterly growth by 1pp, while the changes in inventories drove quarterly growth down by 1.2pp.

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