Turkey economy widened by 11% year-over-year in 2021, up 9.1% in the fourth quarter of the year in line with market expectations, official data showed Monday.
“Gross Domestic Product (GDP) to current prices increased by 42.8% and reached TL 7.2 trillion (nearly $518 billion) in 2021 compared with the previous year”, said the Turkish Statistical Institute (TurkStat) in son latest report.
the growth is the strongest in the last 10 years.
GDP per capita stood at 85,672 TL ($9,539) at current prices last year.
Service activities made greatest contribution to the country economy with a 21.1% rise followed by 20.3% in other service activities and 20.2% in information and communication activities.
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 interviewed by Anadolu Agency (AA) on Turkey’s GDP expected to grow by 11.1% on Wednesday in 2021.
On the fourth quarter of 2021, the Turkish economy increased by 9.1% compared to the same period of the previous year said TurkStat.
GDP at current prices increased by 51.8% to reach 2.3 trillion TL in the last quarter of the year.
Economist forecasts for the fourth quarter was 8.7% per year growth rate on Medium, with the lowest at 6.3% and the highest at 10.2%.
He revealed that the economy increased by 1.5% quarter-over-quarter in October-December 2021.
Commenting on annual figures, Treasury and Finance Minister Nureddin Nebati said Turkey has become the fastest growing country economy among the G-20 countriesthe organization for Economic Cooperation and Development (OECD) and the European Union according to available The data.
Turkey is committed to maintaining balance and stability growth in the coming period using son economic model said Nebati.
“Through concentration on investments, production and exports, we will achieve our goal of assess-added growth which provides a high employment rate”, minister wrote on Twitter.
Turkey saw 7.5% growth in the third quarter after increasing by 21.9% in the second quarter and 7.3% in the first quarter of 2021.
Depending on the middle of the country-term economic program, announced last September, the government aiming for 9% growth for the year.
In 2020, the economy increased by 1.8%.
Also commenting on the growth numbers, Trade Minister Mehmet Muş on Twitter said: “Exports continue to drive force of the growth. The Turkish economy increased by 11% in 2021, the strongest growth in the last 10 years. The contribution of net exports of goods and services to growth was 4.9 points.”
Chairman of the Council for Foreign Economic Relations (DEIK), Nail Olpak, said that seeing the country double-figure growth presents a pleasant and reassuring picture at the business world.
“We see that our business world has succeeded in turning problems into opportunities, despite what happened during the pandemic,” he said.
In a written statement, Olpak said not all countries can grow in the same way in the new post-pandemic period, noting that EU GDP could return to pre-pandemic levels in the second half of 2022, but Germany, Spain and some other EU countries countries still couldn’t reach those levels.
Emphasizing the importance of to reach double-figure growth with exports of $225 billion, Olpak pointed out that net foreigner demand made a high contribution, 4.9 points total GDP growth and reached the highest figure in the last 20 years.
the government acted decisively supporting employment during the pandemic and kept domestic demand alive, Olpak said, adding that consumer spending, which rose 15.1%, was 8.9 points of GDP growth.
“As DEIK, we will continue to work with all our force for a more qualified growth in Turkey and a balanced distribution of growth at the base in the coming period. In order to maximize the potential of our country share in global tradewe will continue to touch all over the world more and contribute more at son growth based on foreigner demand,” he said.