29.02.2024 11:26:24

Turkey GDP Growth Slows To 4.0%

(RTTNews) - Turkey's economic growth eased in the fourth quarter after accelerating in the previous quarter, data from the Turkish Statistical Institute showed on Thursday.

Gross domestic product advanced 4.0 percent year-over-year in the December quarter, slower than the 6.1 percent rise in the third quarter.

Among expenditure components, final consumption of resident households grew 9.3 percent over the year, though weaker than the 11.1 percent surge in the September quarter.

Government final consumption rose by 1.7 percent, and gross fixed capital formation was 10.7 percent higher compared to last year.

On a quarterly basis, GDP growth improved to 1.0 percent in the fourth quarter from 0.3 percent in the previous quarter.

During the year 2023, overall GDP growth was 4.5 percent, compared with a 5.5 percent expansion in 2022.