Turkey’s economy grows by 11 percent in 2021

The last quarter growth rate of Turkish economy for 2021 was announced on February 28. The economy of Turkey grew by 9.1%  in the fourth quarter of 2021, compared to the same quarter previous year (market expectation: 8.5%). The economy grew by 11% in the whole of 2021. Third-quarter growth was revised from 7.4% to 7.9%.

Turkish economy which was one of the two economies that grew positively together with China in 2020, had a performance above expectations in 2021, thanks to the impact of increase in domestic demand and the contribution of competitive exchange rate.

The size of Gross Domestic Product at current prices in 2021 increased by 42.8% compared to the previous year to TL 7 trillion 209 billion (rounded figure). GDP (adjusted for calendar effect) in the by 1.5% compared fourth quarter compared to the same quarter of the previous year increased by 9.1%. GDP (adjusted for seasonal and calendar effects) increased by 1.5% compared to the previous quarter.

SOURCE: State Establishment