The Turkish economy grew by 7.3% during the first quarter of 2022
Local media reported that the growth figures of the Turkish economy for the first quarter of 2022 were announced. According to TUIK data, the growth was 7.3 percent.
In this context, the Turkish Statistical Institute (TUIK) announced GDP data covering the period from January to March 2022.
According to the data, first quarter GDP estimate for 2022; As a sequential volume indicator, it increased by 7.3 percent compared to the same quarter of the previous year.
Financing and insurance activities increased by 24.2% in the first quarter of 2022
When the activities that make up the GDP are examined; In the first quarter of 2022, as a sequential volume indicator compared to the previous year; Finance and insurance activities 24.2 percent, information and communications activities 16.8 percent, services 14.9 percent, professional, administrative and support services activities 8.9 percent, industry 7.4 percent, other services activities 6.8 percent, real estate activities increased by 5.4 percent, management Public, education and human health and social services activities increased by 5.2 percent and agriculture by 0.9 percent. On the other hand, the construction sector decreased by 7.2 percent.
In the same context, the seasonally adjusted and calendar GDP size index rose by 1.2 percent compared to the previous quarter, and the calendar-adjusted GDP size index rose by 7.3 percent in the first quarter of 2022 compared to the same quarter of the previous year.
The gross domestic product amounted to 2 trillion 496 billion 328 million Turkish liras at current prices in the first quarter of 2022
And the estimate of GDP by production method increased by 79.5 percent in the first quarter of 2022, at current prices, compared to the same quarter of the previous year, and it became 2 trillion 496 billion 328 million Turkish liras. The value of the gross domestic product for the first quarter amounted to 179 billion and 800 million dollars at current prices.
The consumption expenditures of resident families increased by 19.5 percent in the first quarter of 2022 as a sequential volume indicator compared to the same quarter of the previous year. Government final consumption expenditures increased by 0.9 percent, and gross fixed capital formation increased by 1.1 percent.
Exports of goods and services increased by 16.8 percent and imports by 2.3 percent in the first quarter of 2022.
In the first quarter of 2022, exports of goods and services increased by 16.8 percent as a sequential volume indicator, while imports increased by 2.3 percent compared to the same quarter of the previous year.
Labor payments 2022
Labor payments increased by 59.7 percent and the net operating/mixed income surplus increased by 88.1 percent in the first quarter of 2022 compared to the same quarter of the previous year.
Labor Payment Ratio
While the share of labor payments in the total value added at current prices was 35.5 percent in the first quarter of last year, this percentage became 31.5 percent in 2022. The share of net operating surplus/mixed income was 45.6 percent while it was 47.6 percent .
Growth beyond expectations
Economists forecast 7.2 percent growth in the first quarter of 2022.
In this context, Minister of Treasury and Finance Noureddine Nebati announced that the main data is expected to reach 7 percent in the first quarter of growth.
Turkey closed last year with a growth of 11 percent.
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