By Sebnem Turhan
The economy grew by 1.8% in 2020, according to the Turkish Statistical Institute (TurkStat). Gross Domestic Product (GDP) at current prices increased by 16.8% to TRY 5.04tr. Thus, the country became the third fastest growing country after Taiwan and China last year. However, GDP fell to USD 717bn and GDP per capita declined by USD 610 to USD 8,599, reaching its lowest level in the last 14 years. Meanwhile, GDP grew by 5.9% in Q4 2020. The seasonally- and calendar-adjusted GDP was calculated as 1.7%. The economy is expected to grow below 6% in the first quarter of 2021 with the impact of restrictions and tight monetary policies, according to analysts.