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Turkish economy grows by 7% in 2021’s first quarter

Turkish economy

The Turkish economy achieved a growth of 7% during the first quarter of 2021, according to data published by the Turkish Statistical Institute (TURKSTAT).

The data also stated that the estimate of GDP during the first three months of 2021 increased by 7% compared to the same period last year.

TURKSTAT also indicated that the gross domestic product (GDP) estimate at current prices rose by 29.1% in the first quarter of the year compared to the same period last year.

The GDP amounted to 1.386 trillion Turkish liras (one dollar equals 8.50 liras).

Turkish economy

The value of the gross domestic product for the first quarter at current prices amounted to $188.65 billion, TURKSTAT.

In the first quarter of 2021, information and communication activities grow by 18.1%, other service activities by 14.4%, industry by 11.7%, agriculture by 7.5%, and services by 7.5%.

Professional and administrative activities and support services activities increased by 5.3%, public administration, education, human health and social services activities by 3.7%, financing and insurance activities by 2.9%, construction by 2.8% and real estate activities by 2.4%.

Turkish President Recep Tayyip Erdogan announced during a virtual meeting with his government last week that, starting from early June, sectors and facilities that were closed about two months ago will be opened.

He referred to several decisions related to returning life to normal in the country, and easing COVID-19-related precautionary measures.

Sources suggest that the travel ban between cities will be completely lifted from Tuesday, as well as the opening of museums, restaurants, parks and cafes.

Turkish exports

In parallel with the growth of Turkey’s GDP, exports achieved, according to Ismail Güli, head of the Turkish Exporters Union, good numbers during the first quarter of this year, despite the negative effects of the Coronavirus on the global trade movement.

Turkish exports recorded $50.23 billion, an increase of 17.2% over the first quarter of last year.

Last March achieved the peak of exports for the past three months, recording, according to Güli’s statements, $18.985 billion, an increase of 42.2% compared to the same period last year.

On Turkey’s export hopes for the current year, after exports declined last year to less than $170 billion, the head of the Turkish Exporters Union stated, during previous statements, that his country aims to achieve exports worth between $184 and $200 billion by the end of the 2021.

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