Türkiye’s Gross National Income (GNI) surged by 76.8% in 2023, reaching 26 trillion 278 billion 895 million 983 thousand Turkish lira (TRY), according to the latest figures released by the Turkish Statistical Institute.

The data highlights the dominance of the non-financial corporations sector, which contributed 58.3% of the total value added in the economy, making it the largest contributor to Türkiye’s GNI. This was followed by households and non-profit institutions serving households (NPISH) and the general government.

The ratio of gross savings to Gross Domestic Product (GDP) was calculated at 26.6% in 2023. Non-financial corporations accounted for the largest share of gross savings at 15.1%, followed by households at 6%, financial corporations at 3.5%, and the general government at 2.1%.

Household savings as a percentage of disposable income fell to 9.1% in 2023, down from 10.5% in 2022, indicating a slight decline in household savings behavior over the past year.

The net borrowing ratio for Türkiye's total economy improved in 2023. While the country was a net borrower of 5% of GDP in 2022, this figure decreased to 3.4% in 2023, signaling a reduction in the country's reliance on borrowing.

The figures underscore Türkiye's economic resilience despite global challenges, with significant contributions from non-financial corporations driving the country’s economic output and savings ratio. (ILKHA)