The Turkish economy expanded 7% year-on-year in the first quarter of 2021, beating market forecasts of a 6.7% rise. It is the strongest growth in 3 years, driven by industrial production and other key sectors that have recovered well from the coronavirus hit as most restrictions were lifted in March. Faster increases were seen for manufacturing (12.2% vs 10.5%) and services (5.9% vs 4.6%) and construction (2.8% vs -12.5%) rebounded. Also, the information and communications sector posted the biggest growth in the quarter, surging 18.1% (vs 15.1%). However, a strict lockdown was imposed in late April which will likely hurt economic activity in the second quarter. On a quarterly basis, the economy expanded 1.7%. source: Turkish Statistical Institute

GDP Annual Growth Rate in Turkey averaged 4.46 percent from 1999 until 2021, reaching an all time high of 11.70 percent in the first quarter of 2011 and a record low of -14.40 percent in the first quarter of 2009. This page provides the latest reported value for - Turkey GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.

GDP Annual Growth Rate in Turkey is expected to be 12.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Turkey to stand at 5.50 in 12 months time. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 4.40 percent in 2022 and 4.60 percent in 2023, according to our econometric models.

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Turkey GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
7.00 5.90 11.70 -14.40 1999 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-08-31 07:00 AM Q2 -9.9% 4.4% -11.8% -12.4%
2020-11-30 07:00 AM Q3 6.7% -9.9% 4.8% 4.7%
2021-03-01 07:00 AM Q4 5.9% 6.3% 7.1% 7.5%
2021-05-31 07:00 AM Q1 7% 5.9% 6.7% 7.4%
2021-09-01 07:00 AM Q2 7% 12.5%
2021-11-30 07:00 AM Q3 6.1%


News Stream
Turkey GDP Growth Tops Forecasts in Q1
The Turkish economy expanded 7% year-on-year in the first quarter of 2021, beating market forecasts of a 6.7% rise. It is the strongest growth in 3 years, driven by industrial production and other key sectors that have recovered well from the coronavirus hit as most restrictions were lifted in March. Faster increases were seen for manufacturing (12.2% vs 10.5%) and services (5.9% vs 4.6%) and construction (2.8% vs -12.5%) rebounded. Also, the information and communications sector posted the biggest growth in the quarter, surging 18.1% (vs 15.1%). However, a strict lockdown was imposed in late April which will likely hurt economic activity in the second quarter. On a quarterly basis, the economy expanded 1.7%.
2021-05-31
Turkey GDP Grows 5.9% in Q4
The Turkish economy expanded 5.9 percent year-on-year in the last three months of 2020, slightly less than a downwardly revised 6.3 percent growth in the previous period and below market forecasts of 7.1 percent. A slowdown was see in agriculture (21.8 percent vs 23.7 percent), construction (19.6 percent vs 23.4 percent), financial and insurance (30.2 percent vs 65.1 percent) and real estate activities (10.8 percent vs 11.6 percent) while the industrial sector (40.7 percent vs 27.4 percent) and services (20.7 percent vs 13.2 percent) jumped at a faster pace. On a quarter-on-quarter basis, the GDP grew 1.7 percent. Considering full 2020, the economy expanded 1.8 percent, above 0.9 percent in 2019, as a near doubling of lending by state banks in the second half of the year was able to partially offset the effects of the coronavirus curfews, restrictions and curbs on business.
2021-03-01
Turkey GDP Growth Stronger than Expected in Q3
The Turkish economy expanded 6.7 percent year-on-year in the third quarter of 2020, following a 9.9 percent fall in the previous period and well above forecasts of 4.8 percent, as the economy rebounds from the pandemic hit and coronavirus lockdown. Biggest increases were seen in financial and insurance activities (41.1 percent); information and communication (15 percent); industry (8 percent); construction (6.4 percent); agriculture (6.2 percent); real estate activities (2.8 percent); public administration, education, human health and social work activities (0.8 percent); and services (0.8 percent). In contrast, professional, administrative and support service activities contracted 4.5 percent. On a quarterly basis, the economy grew 15.6 percent.
2020-11-30
Turkish Economy Shrinks the Most in Over 11 Years
Turkey's economy shrank 9.9 percent year-on-year in the second quarter of 2020, after a downwardly revised 4.4 percent growth in the previous period and compared with market expectations of a 11.8 percent plunge. It was the sharpest contraction since the first quarter of 2009, as the coronavirus pandemic hit the economy. Household consumption shrank 8.6 percent, following a 4.5 percent expansion in the first quarter of the year; and government spending contracted 0.8 percent, after growing 3.2 percent. Additionally, fixed investment slumped 6.1 percent, following a 0.3 percent drop in the prior period. Exports plunged 35.3 percent (vs 0.3 percent in Q1) and imports declined at a softer 6.3 percent (vs 21.9 percent in Q1). On a seasonally adjusted quarterly basis, the economy shrank 11 percent, the most on record, following a downwardly revised 0.1 percent fall in the previous quarter.
2020-08-31

Turkey GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of Turkish GDP and accounts for 70 percent, followed by gross fixed capital formation (22 percent) and government expenditure (15 percent). Exports of goods and services account for 27 percent of GDP while imports account for 32 percent, subtracting 5 percent from total GDP.