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. source: Turkish Statistical Institute

GDP Annual Growth Rate in Turkey averaged 4.67 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 October of 2021.

GDP Annual Growth Rate in Turkey is expected to be 14.00 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


Calendar GMT Actual Previous Consensus TEForecast
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 21.7% 7.2% 21.7% 21.5%
2021-11-30 07:00 AM Q3 21.7% 14%


News Stream
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
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

Turkey Last Unit Reference Previous Highest Lowest
GDP Growth Rate 0.90 percent Jun/21 2.20 16.40 -10.80
GDP Annual Growth Rate 21.70 percent Jun/21 7.20 21.70 -14.50
GDP Constant Prices 468630943.60 TRY THO Jun/21 435226824.80 512807131.90 148678773.40
Gross Fixed Capital Formation 122255832.10 TRY THO Jun/21 113344133.40 138393859.80 82266.40
GDP From Manufacturing 82263328.30 TRY THO Jun/21 79980716.60 86316744.00 23614487.20
GDP From Construction 28974417.10 TRY THO Jun/21 24430841.50 36208645.70 5611386.90
GDP From Agriculture 19261448.00 TRY THO Jun/21 12169155.00 61637660.00 6480266.00
GDP From Services 109370903.90 TRY THO Jun/21 97629251.00 119849137.30 35733008.50
GDP From Public Administration 49589248.43 TRY THO Jun/21 50354322.61 51322109.65 21711747.51
GDP From Utilities 587421.00 TRY THO Jun/16 479733.00 716688.00 204058.00
GDP From Transport 4095462.00 TRY THO Jun/16 3875510.00 4175844.00 1498463.00
GDP From Mining 213551.90 TRY THO Jun/16 164785.90 255476.10 116491.40


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.