Turkish fourth quarter growth fastest among G20 countries

ISTANBUL

Türkiye was the fastest-growing G20 country in the last quarter of 2024, according to data from the Organization for Economic Cooperation and Development (OECD).

The Turkish economy expanded by 1.7 percent in the fourth quarter of last year compared to the third quarter.

G20 economies grew by 0.9 percent quarter-on-quarter in the last quarter of 2024, showed OECD data.

China and India followed Türkiye with a 1.6 percent growth rate in the same period, while Indonesia achieved 1.2 percent growth.

The U.S. economy grew by 0.6 percent in the last quarter of 2024, whereas the European Union countries recorded 0.4 percent growth and the U.K. economy expanded by 0.1 percent.

During this period, Germany's economy contracted by 0.2 percent, and France saw a 0.1 percent decline.

Mexico's economy shrank by 0.6 percent in the final quarter of the year.

According to preliminary annual growth figures calculated by the OECD based on quarterly data, G20 countries grew by 3.2 percent annually in 2024.

This figure shows a slowdown compared to the 3.4 percent growth in 2023.

India recorded the highest economic growth in 2024, with a rate of 6.7 percent.

It was followed by China and Indonesia with 5 percent growth each, and Türkiye with 3.2 percent growth.

Among OECD nations, Türkiye shared the top spot with Spain in the fastest-growing economies last year.

Türkiye and Spain’s growth rate reached 3.2 percent in 2024, followed by the U.S. with 2.8 percent, Lithuania with 2.7 percent and Norway with 2.1 percent.

Austria’s economy shrank 1 percent and Germany’s contracted 0.2 percent.

The size of the Turkish economy reached $1.32 trillion in 2024, with per capita income at $15,463.

The Turkish economy expanded by 5.1 percent in 2023, when its size was $1.13 trillion.

The Turkish government expects the GDP growth to accelerate to 4 percent in 2025. If this expectation materializes, the size of the economy will increase to $1.47 trillion with per capita income reaching $17,028.

According to the government forecasts in the medium-term program, the GDP growth rates will quicken to 4.5 percent in 2026 and further up to $5 percent in the following year, with the size of the economy hitting $1.64 trillion and $1.77 trillion, respectively.

The government projects that per capita income will increase to $18,990 next year and to $20,420 in 2027.