TURKSTAT announced the second quarter GDP growth data. Accordingly, the Turkish economy grew by 7.6 percent in the April-June period compared to the same period of the previous year. The market expectation was for an annual growth of 7.3 percent.
In the second quarter, the economy grew by 2.1 percent compared to the first quarter.
RISE IN FINANCE DECREASE IN CONSTRUCTION
When the activities that make up the GDP are examined; In the second quarter of 2022, compared to the previous year, finance and insurance activities 26.6 percent, service activities 18.1 percent, professional, administrative and support service activities 11 percent, industry 7.8 percent, information and communication activities 5.3 percent, real estate activities 4.1 percent, other service activities 1.9 percent and public administration, education, human health and social work activities rose 1.7 percent. Agriculture, forestry and fisheries decreased by 2.9 percent and the construction sector decreased by 10.9 percent.
CONSUMPTION EXPENDITURES INCREASED 22.5 PERCENT
Consumption expenditures of resident households increased by 22.5 percent annually. Final consumption expenditures of the government increased by 2.3 percent and gross fixed capital formation increased by 4.7 percent. According to TUIK data, exports of goods and services increased by 16.4 percent and imports by 5.8 percent.
THE SHARE OF WAGES DECREASED
Labor payments increased by 66.4 percent and net operating surplus/mixed income increased by 134.7 percent in the second quarter of 2022 compared to the same quarter of the previous year. While the share of labor payments in Gross Value Added at current prices was 32.6 percent in the second quarter of last year, this rate decreased to 25.4 percent in 2022. On the other hand, the share of net operating surplus/mixed income increased from 49.2 percent to 54 percent.
