Turkey Q4 GDP Growth Exceeds Forecasts

Turkey’s GDP expanded 3% year-on-year in Q4 2024, up from a revised 2.2% in Q3, beating forecasts of 2.6%.

This marks the strongest expansion since Q1, driven by stronger household consumption (3.9% vs.

2.6% in Q3), higher government spending (1.6% vs.

0.1%), and a sharp rebound in fixed investments (6.1% vs.

-0.1%).

Meanwhile, net trade dragged on GDP, as exports fell 2% (vs.

+0.7%), while imports rose 1.6% (vs.

-9.6%).

On a quarterly basis, GDP expanded 1.7%, rebounding from a 0.1% decline in Q3 and marking the steepest growth since Q2 2023.

For the full year, the Turkish economy grew 3.2%.