Istanbul, skyscrapers and Hagia Sophia

Turkish economy grew by 11% in 2021

Turkish GDP growth in 2021 is the highest in a decade. Turkey’s economy led the growth of the G-20, surpassing China.

The Turkish economy grew by 11% year-on-year during the past year 2021, with its GDP growth in the fourth quarter reaching 9.1%, according to official data published today by the Turkish Statistical Institute (TÜİK), which represents the highest growth in the last decade.

“The Gross Domestic Product in current prices increased by 42.8% and reached 7.2 trillion liras (470 billion euros) in 2021, compared to the previous year”, indicates the official statistical body of Turkey in its latest report published this Monday.

According to data released by TÜİK, Turkey’s GDP per capita stood at 9,359 US dollars in 2021. Service activities made the largest contribution to the Turkish economy in 2021 with a 21.1% increase, while information and communication activities grew by 20.2%. In contrast, financial activities, the agricultural sector and the construction sector fell by 9%, 2.2% and 0.9%, respectively.

The Turkish economy grew by 7.3% in the first quarter of 2021, 21.9% in the second quarter, and 7.5% in the third quarter. Referring to these economic data, the Turkish Treasury and Finance Minister Nureddin Nebati stressed that Turkey thus became the economy that grew the most last year among the member countries of the OECD, the European Union, and also of the G-20, an organisation the latter that includes Russia and China.