Istanbul, city buildings

Turkish economy grew by 7% in the first quarter

Turkey, along with China, was the only G20 economy that did not experience a recession in 2020.

Turkish economy grew by 7% during the first quarter of 2021 compared to the same period in 2020, according to data released today by the Turkish Statistical Institute (TÜİK), which reveals a growth above market forecasts.

According to the report presented this Monday by the official statistical body of Turkey, the Gross Domestic Product (GDP) of the Eurasian country increased by 29.1% to reach 1.4 trillion liras (about 135 billion euros) in updated prices during the period between January and March of 2021.

These data on the growth of the Turkish economy in the first quarter exceed analysts’ forecasts; a group of 21 economic experts consulted by the Turkish news agency Anatolia had forecast an increase in Turkish GDP between January and March of between 5% and 7.2%, with the average hovering around 6.4%. Turkey was in fact the only G-20 country alongside China whose economy grew by 1.8% in 2020.