3/29/2018
Turkey Grew by 7.4% in 2017
Share of household consumption spending in GDP has been 59.1%, Share of State in final consumption expenditures 14.5%. Share of fixed capital formation has been 29.8%
Deputy Prime Minister Şimşek, "In 2017, growth has been realized on domestic demand basis, net foreign demand has limited positive contribution on growth. Annual 11.7% real increase of machinery-equipment investments in the second half of year, supports the growth Outlook in the forthcoming period."
Turkey Statistical Institute (TÜİK) has publicized 2017 annual Gross Domestic Product (GDP) data. Accordingly, Turkey grew by 7.4% in 2017. GDP reached TL 3 trillion 104 billion 907 million (USD 851 million 46 thousand) on current prices in end-year. Per capita GDP has been calculated as TL 38,660 on current prices, on USD basis as 10,597 dollar. GDP index free of calendar effect increased 1.8% in the fourth quarter of 2017. Total added value of agricultural sector in gross domestic product increased 6%, of industrial sector 8.8% and construction sector increased 5.8%. Services sector added value increased 9%. Share of household consumption spending in GDP has been 59.1% According to TUİK data, it is seen that Turkey continued to grow on consumption basis again. In fact, consumption expenditures have the major share in growth. Share of total final consumption expenditures in GDP reached 73.6%. Share of household consumption spending in GDP has been 59.1%, Share of State in final consumption expenditures 14.5%. Share of fixed capital formation has been 29.8%. In the fourth quarter of 2017, household final consumption expenditures increased 6.6%, state’s final consumption spendings 5%, gross fixed capital formation increased 7.3%. Compared to previous year chain volume index, goods and services export increased 12%, import increased 10.3% in 2017. Prime Minister Yıldırım, "Turkey has been the country realizing highest growth ratio in the world" Commenting on Turkey's growth figures, Prime Minister Binali Yıldırım has said that Turkey's growth trend would continue. Yıldırım said, "Turkey has grown by 7.4% in 2017. This means we are the country with highest growth rate in the world. Among 20 developed countries, this is the highest growth rate across the world. This is not a surprise for us. We foreseen this months before. For reaching growth ratio targeted for 2018, projects and plans were prepared. Turkey will continue to grow." Deputy Prime Minister Şimşek, "In 2017, growth has been realized on domestic demand basis, net foreign demand has limited positive contribution on growth" Deputy Prime Minister Mehmet Şimşek has commented on growth figures as well. Şimşek said, "In 2017, growth realized on domestic demand basis, net foreign demand made limited positive contribution to growth. Annual 11.7% real increase of machinery-equipment investments in the second half of year, supports the growth Outlook in the forthcoming period". Noting foreign demand contribution to growth envisaged to continue, Şimşek said, "With strong Outlook of European Economy, enhancing demand of our oil exporter trade partners along with the increase of oil prices and maintaining the recovery process in tourism, we expect our foreign demand will continue to make positive contribution to growth". Şimşek has elaborated future targets as, "We will continue to take steps increasing our competition capacity, reducing our fragilities, securing our elevation in added value chain and reducing foreign dependency. We particularly put emphasis on R&D, enhancing innovation and entrepreneurism ecosystem and reforms for improving, investment environment." As it might be recalled, Turkey grew by 2.9% in 2016 and this had been the lowest growth ratio after 2009, under the impact of 2008 crisis TEBA:1809/ March 31, 2017. As is known, Government’s growth ratio realization estimation for 2017 was 5.5% and for 2018 growth target was 5.5% TEBA:October 30, 2017.
Annual Report
