The robust recovery in the Turkish economy continued at full speed and Türkiye's GDP grew by 7.4 percent year-on-year in the third quarter of 2021, ranking 3rd in the world according to OECD data.
The Turkish Statistical Institute (TurkStat) also revised upwards Türkiye's growth in the second quarter of 2021 to 22 percent from 21.7 percent. The data released on November 30 revealed that the GDP at current prices reached USD 225,497 million in the third quarter and the Turkish economy expanded by 2.7 percent on a quarterly basis, showing that it kept its strong growth momentum despite the concerns of the pandemic.
A close analysis of GDP's activities indicated all the components, particularly exports, positively contributed to the economic growth except stock changes and investment spending. While private and government consumption have contributed to growth by 5.4 and 1.2 ppt. respectively, net exports had the lion share with 6.8 ppt. contribution.