GROWTH DRIVEN BY HOUSEHOLD CONSUMPTION AND INVESTMENT
Ozan Bakış and Tarık Kocar
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.
doc. GrowthReview2023Q4
pdf. GrowthReview2023Q4