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.