gross domestic product – Muhasebe News

İstanbul had the highest share of Gross Domestic Product with 31.0% in 2018

MuhasebeNews — Fri, 20 Dec 2019 07:45:05 +0000

Gross Domestic Product by Provinces, 2018 in Turkey

İstanbul had the highest share of Gross Domestic Product with 31.0% in 2018

According to the estimation of Gross Domestic Product (GDP) by provinces; İstanbul reached the highest GDP with 1 trillion 155 billion 254 million TL for the year 2018 and gained 31.0% of total GDP. İstanbul was followed by Ankara with 329 billion 831 million TL and 8.9% share and İzmir with 233 billion 515 million TL and 6.3% share. In the estimation of GDP by provinces, the last three provinces were Tunceli, Ardahan and Bayburt with 3 billion 289 million TL, 2 billion 613 million TL and 2 billion 250 million TL, respectively.

The first three provinces with the highest share of GDP accounted for 46.2% of total GDP of Turkey.

The share of GDP by provinces, 2018

The highest GDP per capita was estimated for Kocaeli with 79 254 TL in 2018

Kocaeli reached the highest GDP per capita with 79 thousand 254 TL in 2018. Kocaeli was followed by İstanbul with 76 thousand 769 TL and Ankara with 60 thousand 249 TL. In the estimation of GDP per capita, the last three provinces were Şanlıurfa, Van and Ağrı with 16 thousand 194 TL, 16 thousand 68 TL and 15 thousand 121 TL, respectively.

In 2018, GDP per capita for thirteen provinces were over the average of that of Turkey.

GDP per capita index by provinces, 2018
[Turkey=100]

TR10 (İstanbul) had the highest share of Gross Domestic Product with 31.0% at SR Level 2 among 26 regions

At Statistical Regions (SR) Level 2, TR10 (İstanbul) had the highest share in total GDP for the year 2018 with 31.0%. TR10 (İstanbul) was followed by TR51 (Ankara) with 8.9% and TR42 (Kocaeli, Sakarya, Düzce, Bolu, Yalova) with 6.3%. TRA1 (Erzurum, Erzincan, Bayburt), TR82 (Kastamonu, Çankırı, Sinop) and TRA2 (Ağrı, Kars, Iğdır, Ardahan) had the lowest share with 0.85%, 0.64%, 0.60%, respectively.

According to sectoral shares in regions, TRA2 (Ağrı, Kars, Iğdır, Ardahan) had the highest share in agriculture with 29.6%, TR21 (Tekirdağ, Edirne, Kırklareli) had the highest share in industry with 51.2% and TR61 (Antalya, Isparta, Burdur) had the highest share in services with 72.8%.

The share of GDP by regions and sectoral share in regions, SR Level 2, 2018

The next release on this subject will be on December 11, 2020.
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EXPLANATIONS

Since the annual GDP figures were updated in accordance with the methodology of National Accounts System, the figures of GDP by provinces for the year 2017 were revised.

Source: TUIK
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Independent annual gross domestic product increased by 2.8% in 2018

MuhasebeNews — Mon, 09 Sep 2019 11:45:10 +0000

Annual Gross Domestic Product, 2018 (In Turkey)

Independent annual gross domestic product increased by 2.8% in 2018Gross Domestic Product with chain-linked volume index, calculated by annual data, increased by 2.8% in 2018 compared to the previous year.

The preliminary GDP growth rate for 2018, which was published as 2.6% on 11 March 2019, was revised to 2.8% with independent annual GDP.

In 2018, GDP by production approach increased by 19.7% compared to the previous year and reached 3 trillion 724 billion 388 million TRY at current prices. In 2018, manufacturing industry had the largest share with 19.0%. Manufacturing industry was followed by wholesale and retail trade and transport and storage industry with 12.1% and 8.2%, respectively. Services of households as employers had the lowest share in GDP.

Gross domestic product per capita was 45 thousand 750 TRY in 2018

The gross domestic product per capita in 2018 was 45 thousand 750 TRY and 9 thousand 693 USD at current prices.

The shares of industries in GDP at current prices, 2018

Final consumption expenditures of households and non-profit organizations serving households increased by 0.04% in 2018

Final consumption expenditures of households and non-profit organizations serving households increased by 0.04% in 2018 compared to the previous year’s chain linked volume index. The share of household and non-profit organizations serving households consumption expenditures in GDP was 56.7%. Expenditure groups with the highest share in household expenditure were food and non-alcoholic beverages with 21.2%, transportation with 16.4% and housing, water, electricity, gas and other fuels with 14.7%, respectively.

In 2018, the share of government final consumption expenditures in GDP was 14.8%, while the share of fixed capital formation was 29.9%. According to the previous year’s chain linked volume index, final consumption expenditure by the government increased by 6.6%, while gross fixed capital formation decreased by 0.6%.

Exports of goods and services increased by 7.8% while imports decreased by 7.8% in 2018

Exports of goods and services increased by 7.8% while imports of goods and services decreased by 7.8% in 2018 compared to the previous year in chain-linked volume index.

Major components of GDP by expenditure approach, 2018

Compensation of employees increased by 19.2% in 2018

According to GDP by income approach, compensation of employees increased by 19.2%. While gross operating surplus/mixed income increased by 21.6% in 2018 compared to the previous year.

The share of compensation of employees in gross value added was 33.8% in 2018

The share of compensation of employees in total gross value added was 34.4% in 2017; while this ratio was 33.8% in 2018. The share of net operating surplus/mixed income in value added was 49.4% in 2017; while this ratio was 48.7% in 2018.

Share of components of income approach in gross value added, 2017,2018

The next release on this subject will be on September 1, 2020.
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EXPLANATION

Quarterly GDP is provisional according to the methodology of National Accounts. As a result of this the figures are revised with respect to annual, updated and more detailed information as it becomes available. By “Annual Gross Domestic Product, 2018” Press Release, 2017 and 2018 annual and quarterly figures are revised.

Source: TÜİK
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Second Estimate of GDP in UK: Jan to Mar 2017

MuhasebeNews — Sat, 27 May 2017 09:37:27 +0000

UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.2% between Quarter 4 (Oct to Dec) 2016 and Quarter 1 (Jan to Mar) 2017.

UK GDP growth in Quarter 1 2017 has been revised down by 0.1 percentage points from the preliminary estimate published on 28 April 2017; mainly due to broad-based downward revisions within the services sector. This was partly due to rising prices.

Source: Republic of Turkey Ministry of Economy

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

What are the Factors Affecting Inflation in Turkey?

MuhasebeNews — Tue, 02 May 2017 08:22:20 +0000

1. Data for the fourth quarter of 2016 confirmed the conjecture that the third-quarter economic slowdown was transitory. In this period, the Gross Domestic Product (GDP) expanded by 3.8 percent quarter-on-quarter and 3.5 percent year-on-year. Excluding the offset work day losses of the third quarter, the fourth quarter was marked by a moderate growth. The TURKSTAT’s upward revisions to the first three quarters of 2016 showed that the level of economic activity was much higher than anticipated. Hence, the economy grew by 2.9 percent in 2016, a rate much lower than past years’ averages.

2. Annual growth was driven by domestic demand in the last quarter of 2016. Private spending was up both annually and quarterly thanks to the demand brought forward by automobile tax adjustments, eased macro prudential measures and better financial conditions. Investments, particularly machinery and equipment investments, were relatively weak in this period. With exports accelerating in the last quarter, net external demand provided considerably higher contribution to quarterly growth and a slightly better contribution to annual growth compared to the first nine months of 2016.

3. The first-quarter data for 2017 hint at diminishing recovery in economic activity in the first quarter. Following a robust increase in January, industrial production contracted in February. Rapid depreciation of the Turkish lira at the start of the quarter, uncertainties led by volatile financial markets and the leap in inflation are projected to dampen consumption and investment spending. Although tax incentives stimulate the demand for houses, furniture and home appliances, the recovery in domestic demand fails to spread across all sectors. Indicators for March and April signal for a stronger economic activity and labor market. In brief, the mild recovery in the underlying trend of economic activity continues, which is enhanced by supportive incentives and measures.

4. Despite a partial recovery in domestic demand, net external demand spurs growth with robust increases in exports of goods that spill over into all sectors. The growing demand from the European Union economies, normalizing relations with neighboring countries, the course of the real exchange rate, and Turkey’s market-shifting flexibility abroad continues to stimulate exports. Increases in exports of goods translate into a decelerated deterioration in the current account deficit and improvement in core current account deficit indicators. In addition to the expected partial recovery in tourism, the robust course of exports of goods is expected to contribute positively to the current account.

5. The worsening trend in the labor market that began in May 2016 came to a halt in January 2017. In this period, non-farm employment recorded an uptick particularly with the contribution from the services sector. Meanwhile, leading indicators, such as new job vacancies, the PMI employment index and the expectations for the number of employees in services and construction for March and April suggest a recovery in the employment outlook. Amid the mild rebound in economic activity and the announced employment incentive packages, the partial improvement in unemployment rates is expected to continue.

6. In sum, the recently released data indicate a gradual recovery in the economic activity. Domestic demand conditions display a moderate improvement and demand from the European Union economies continues to contribute positively to exports. With the supportive measures and incentives provided recently, the economic activity is expected to gain further pace in the forthcoming period. However, the course of capital flows in line with uncertainties regarding global economic policies, geopolitical developments, the subsided course of the labor market and the lingering volatility in exchange rates may stand out as factors to limit the pace of growth in 2017.

Source: Central Bank of the Turkish Republic

Quarterly Gross Domestic Product in Turkey, IV. Quarter: October-December, 2016

MuhasebeNews — Sat, 01 Apr 2017 08:21:19 +0000

Gross Domestic Product (GDP) increased by 2.9% in 2016
The first estimate of Gross Domestic Product by production approach, with chain linked volume index, increased by 2.9% in 2016 compared to the previous year

Among the activities that constitute gross domestic product; the total value added of the activities constituting the agricultural sector decreased by 4.1% in 2016 compared with the previous year in the chained linked volume index, the total value added of the activities constituting the industry sector increased by 4.5%, the total value added of the activities constituting the construction sector increased by 7.2% and the total value added of the activities constituting the service sector decreased by 0.8%.

Gross Domestic Product Per Capita was 32 676 TRY in 2016
The gross domestic product per capita in 2016 was 32 676 TRY and 10 807 US Dollars at current prices.

Gross Domestic Product (GDP) in the fourth quarter increased by 3.5% in the chain linked volume index
Gross domestic product increased by 3.5% compared to the same quarter of previous year in the fourth quarter of 2016.

Gross domestic product with production method was 734 billion 393 million TRY at current prices. Among the activities that constitute gross domestic product; the total value added of the activities constituting the agricultural sector increased by 1.3% in the fourth quarter of 2016 compared with the same quarter of the previous year in the chained linked volume index, the total value added of the activities constituting the industry sector increased by 5.0%, the total value added of the activities constituting the construction sector increased by 3.7% and the total value added of the activities constituting the service sector increased by 1.8%.

Calendar adjusted gross domestic product in the fourth quarter of 2016 increased by 3.5% compared to the same quarter of previous year. Seasonally and calendar adjusted GDP increased by 3.8% compared to the previous quarter.

Final consumption expenditures of households at chained volume measure increased by 2.3% in 2016.
Final consumption expenditures of households increased by 2.3% in 2016 compared to the previous year’s chain linked volume index. The share of household consumption expenditures in GDP was 59.5%.

In 2016, the share of government final consumption expenditures in GDP was 14.7%, while the share of fixed capital formation was 29.8%. According to the previous year’s chain linked volume index, final consumption expenditure by the government increased by 7.3% and gross fixed capital formation by 3%.

Household final consumption expenditure increased by 5.7% in the fourth quarter.
Household final consumption expenditure increased by 5.7% in the fourth quarter compared with the same quarter of the previous year in the chained linked volume index, government final consumption expenditure increased by 0.8% and gross fixed capital formation increased by 2%.

Exports of goods and services decreased by 2%, imports increased by 3.9% in 2016.
In 2016, exports of goods and services decreased by 2%, while imports increased by 3.9% compared to the previous year’s chain-volume index. Exports of goods and services increased by 2.3% in the fourth quarter compared with the same quarter of the previous year in the chained linked volume index, imports of goods and services increased by 3.3%.

Compensation of employees increased by 22.8% in 2016.
Compensation of employees increased by 22.8% while Net operating Surplus/Mixed income increased by 2.6% in 2016.

Compensation of employees increased by 19.7% in the fourth quarter.
Compensation of employees increased by 19.7% while Net operating Surplus/Mixed income increased by 7.7% in the fourth quarter with respect to same quarter of previous year.

The share of compensation of employees in gross value added was 33.3%
The share of compensation of employees in the gross value added was 33.3% in the fourth quarter of 2016 while it was 31.2% in the same quarter of previous year. The share of net operating surplus/mixed income was 51.2% while it was 53.4% in the same quarter of previous year.

US Current Account Deficit Narrows in Fourth Quarter

MuhasebeNews — Sat, 25 Mar 2017 11:00:03 +0000

The U.S. current-account deficit decreased $112.4 billion (3,1 percent decrease) in the fourth quarter of 2016 from $116.0 billion (revised from 113 billion) in the third quarter of 2016, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit decreased to 2.4 percent of current-dollar gross domestic product (GDP) from 2.5 percent in the third quarter. The current-account deficit increased to $481.2 billion (3,9 percent increase) in 2016. The deficit was 2.6 percent of current-dollar GDP in 2016, the same percentage as in 2015. (21.03.2017)