The Turkish economy expanded 7.4% year-on-year in the third quarter of 2021, following an upwardly revised 22% record growth in the previous period and compared to market expectations of a 7.5% growth. Domestic demand strengthened due to the faster vaccine rollout and economic reopening, while strong manufacturing and weaker lira led to a recovery in export. Also, tourism revenues recovered giving an additional boost to the services sector. Household consumption jumped 9.1% from a year earlier and government spending surged 9.6% while gross fixed capital formation declined 2.4% Net foreign demand contributed positively to GDP growth, as exports climbed 25.6% while imports dropped 8.3%. The Central Bank of Turkey has reduced borrowing costs by 400bps since September with Turkish President Erdogan stating he will never defend rate hikes nor compromise on economic issues. Inflation is hovering around 20% and the lira reached a record low of 13.5 per USD on November 23rd. source: Turkish Statistical Institute

GDP Annual Growth Rate in Turkey averaged 4.70 percent from 1999 until 2021, reaching an all time high of 21.70 percent in the second quarter of 2021 and a record low of -14.50 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 January of 2022.

GDP Annual Growth Rate in Turkey is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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


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.
Actual Previous Highest Lowest Dates Unit Frequency
7.40 21.70 21.70 -14.50 1999 - 2021 percent Quarterly
NSA

Calendar GMT Actual Previous Consensus TEForecast
2021-09-01 07:00 AM Q2 21.7% 7.2% 21.7% 21.5%
2021-11-30 07:00 AM Q3 7.4% 22% 7.5% 7.9%
2022-03-01 07:00 AM Q4 7.4%


Related Last Previous Unit Reference
GDP Growth Rate 2.70 0.90 percent Sep/21
GDP Annual Growth Rate 7.40 21.70 percent Sep/21
GDP Constant Prices 537143397.20 468630943.60 TRY THO Sep/21
Gross Fixed Capital Formation 129692720.40 122255832.10 TRY THO Sep/21
GDP From Manufacturing 83646602.70 82263328.30 TRY THO Sep/21
GDP From Construction 29777364.10 28974417.10 TRY THO Sep/21
GDP From Agriculture 57978792.00 19261448.00 TRY THO Sep/21
GDP From Services 129515181.10 109370903.90 TRY THO Sep/21
GDP From Public Administration 51564057.21 49589248.43 TRY THO Sep/21
GDP From Utilities 587421.00 479733.00 TRY THO Jun/16
GDP From Transport 4095462.00 3875510.00 TRY THO Jun/16
GDP From Mining 213551.90 164785.90 TRY THO Jun/16


News Stream
Turkey GDP Growth Remains Strong in Q3
The Turkish economy expanded 7.4% year-on-year in the third quarter of 2021, following an upwardly revised 22% record growth in the previous period and compared to market expectations of a 7.5% growth. Domestic demand strengthened due to the faster vaccine rollout and economic reopening, while strong manufacturing and weaker lira led to recovery in export. Also, tourism revenues recovered giving an additional boost to the services sector. Household consumption jumped 9.1% from a year earlier and government spending surged 9.6% while gross fixed capital formation declined 2.4% Net foreign demand contributed positively to GDP growth, as exports climbed 25.6% while imports dropped 8.3%. The Central Bank of Turkey has reduced borrowing costs by 400bps since September with Turkish President Erdogan stating he will never defend rate hikes nor compromise on economic issues. Inflation is hovering around 20% and the lira reached a record low of 13.5 per USD on November 23rd.
2021-11-30
Turkish Economy Expands at Record Pace
The Turkish economy expanded by a record 21.7 percent year-on-year in the second quarter of 2021, following an upwardly revised 7.2 percent growth in the previous three-month period, as activity and demand rebounded sharply from a steep fall caused by COVID-19 restrictions last year. The country has also imposed curfews, weekend lockdowns, and restaurant closures earlier this year but these measures were fully lifted in June and seem not to have affected manufacturing and the broader economy. Household consumption and fixed investment were the main drivers of growth, rising by 22.9 percent and 20.3 percent respectively. In addition, public spending advanced 4.2 percent and net trade contributed positively to the GDP as exports rose more than imports. On a seasonally adjusted quarterly basis, the economy grew by 0.9 percent in the second quarter.
2021-09-01
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