5/31/2021

Turkish Economy Grows 7 Percent in Q1 2021

While most of the economies in the world have been struggling under the burden of the COVID-19 outbreak, Turkey handled this period with almost zero damage and ended the first quarter of 2021 with a robust GDP growth. 

According to the data of the Turkish Statistical Institute (TurkStat), Turkey's economy posted a growth rate of 7 percent in the first quarter of 2021 compared with the same quarter of the previous year and faster than all OECD economies, with China being the only exception.

GDP at current prices scored USD 188 billion in Q1 2020 and a close analysis of GDP's activities revealed the value added increased by 18.1 percent in the information and communication activities, 14.4 percent in services, and 11.7 percent in agriculture.

Timely measures and normalization steps taken by the Turkish government, strong healthcare infrastructure, diversified incentives system, and various financial supports led the way to the robust recovery observed in the Turkish economy.

Commenting on the results, Minister of Treasury and Finance Lütfi Elvan underlined that 56 percent of the 7 percent growth in the first quarter stemmed from net external demand and investments, which is an indicator of a balanced and healthy growth. “We will resolutely continue to implement policies that generate employment, improve income distribution and focus on stability," Minister Elvan added. ​​

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GDP; Turkey; Covid-19