Economic growth exceeds expectations by 7%

The national economy delivered a growth performance beyond expectations. The country’s Gross Domestic Product (GDP) increased by 7% in the first quarter of 2021 (Q1), compared to the same quarter of the previous year, according to the Turkish Statistical Institute (TurkStat). Expectations pointed out a 6.5% growth. The national economy grew by 1.8% in 2020 while it expanded 5.9% in Q4 2020. 

The household consumption made the highest contribution to the growth by 4.5 points, followed by investments and net exports by 2.9 points and 1.1 points, respectively. Meanwhile, stocks shrank the growth by 1.5 points.

GDP rose by 29.1% to TRY 1.3tr at current prices in Q1, compared to the same period of 2020, pointing out a 9% decrease on TRY basis. GDP reached TRY 1.5tr in Q4 2020.

On the other hand, GDP totaled USD 188.06bn at current prices on USD basis. This demonstrates that GDP has continued a downward trend for two quarters. Accordingly, the country’s GDP totaled USD 196.6bn in Q3 2020 and USD 191.6bn in Q4 2020 at current prices on USD basis.

Information and communication activities rose by 18.1%

Considering the activities forming the country’s GDP in Q1, information and communication rose by 18.1%, other services activities increased by 14.4%, manufacturing surged by 11.7%, agriculture increased by 7.5%, services rose by 5.9%, professional, administrative and support service activities surged 5.3%, public administration, education, human health and social work activities rose by 3.7%, finance and insurance increased by 2.9%, construction saw 2.8% increase and real estate activities surged by 2.4%.

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