The growth of Turkey's economy showed signs of slowing down in the fourth quarter, following a spike in the previous quarter, according to data published by the Turkish Statistical Institute on Thursday.
The Gross Domestic Product (GDP) recorded a 4.0 percent increase year-on-year in the last quarter of December, marking a decrease from the 6.1 percent growth observed in the third quarter.
Analyzing the expenditure components, it was revealed that the final consumption of resident households demonstrated a rise of 9.3 percent over the year, albeit less than the 11.1 percent increase witnessed in the quarter of September.
Government final consumption exhibited a growth of 1.7 percent and the gross fixed capital formation surged to 10.7 percent higher compared to the following year.
On a quarter-to-quarter basis, the GDP growth saw an upturn, escalating to 1.0 percent in the fourth quarter from 0.3 percent in the preceding quarter.
In the entirety of 2023, the overall GDP growth rate was at 4.5 percent, presenting a decline when juxtaposed with a 5.5 percent expansion reported in 2022.
