Turkey’s economy grows 11% YoY in 2021

Turkey’s economy grew 11% year-on-year in 2021, in line with market expectations, official data showed on Monday.

“Gross domestic product at current prices increased by 42.8% and reached 7.2 trillion Turkish liras ($802.7 billion) in 2021 compared to the previous year,” said the Turkish Institute. Statistics (TurkStat) in its latest report.

Gross domestic product per capita was 85,672 Turkish liras ($9,539) at current prices last year.

Service activities made the largest contribution to the country’s economy with an increase of 21.1%, followed by 20.3% in other service activities and 20.2% in information and information activities. Communication.

Financial and insurance activities, the agricultural sector and the construction sector decreased by 9%, 2.2% and 0.9% respectively.

A panel of 21 economists polled by Anadolu Agency on Wednesday expected Turkey’s GDP to grow by 11.1% in 2021.

In the fourth quarter of 2021, Turkey’s economy grew by 9.1% compared to the same period a year earlier, TurkStat said.

Gross domestic product at current prices rose 51.8% to 2.3 trillion Turkish liras ($198 billion) in the last quarter of the year.

Economists forecast an average annual growth rate for the fourth quarter of 8.7%, the lowest at 6.3% and the highest at 10.2%.

It revealed that the economy grew by 1.5% quarter-on-quarter in October-December 2021.

Commenting on the annual figures, Treasury and Finance Minister Nureddin Nebati said Turkey has become the fastest growing economy among G20, Organization for Economic Co-operation and Development and EU for which data are available.

Turkiye is committed to maintaining the balanced and stable growth trend in the coming period, thanks to the “Turkish Economy Model”, Nebati said.

“By focusing on investment, production and exports, we will achieve our goal of value-added growth that creates high employment,” Nebati wrote on Twitter.

Turkey recorded 7.5% growth in the third quarter after growing 21.9% in the second quarter and 7.3% in the first quarter of 2021.

According to the country’s medium-term economic program, announced last September, the government was aiming for 9% growth for the year.

In 2020, the Turkish economy grew by 1.8%.

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