Turkey GDP Growth Improves In Q4

(RTTNews) - Turkey's economic growth accelerated in the fourth quarter on the back of strong domestic demand, official data revealed Friday.

Gross domestic product posted an annual growth of 3.0 percent after rising 2.2 percent in the third quarter, the Turkish Statistical Institute said.

Quarter-on-quarter, the economy grew 1.7 percent, reversing from a 0.1 percent drop in the third quarter.

On the expenditure side, household consumption grew 3.9 percent, and government spending increased 1.6 percent. At the same time, the increase in gross fixed capital formation was 6.1 percent.

Exports of goods and services rose 0.9 percent, while imports of goods and services declined 4.1 percent.

During the year 2024, overall GDP advanced 3.2 percent compared to the previous year.

Separate official data showed that the seasonally adjusted jobless rate dropped slightly to 8.4 percent in January from 8.5 percent in December. The number of unemployed people decreased by 25,000 over the month to 3.2 million.