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%. source: Turkish Statistical Institute
GDP Annual Growth Rate in Turkey averaged 4.46 percent from 1999 until 2021, reaching an all time high of 11.70 percent in the first quarter of 2011 and a record low of -14.40 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 July of 2021.
GDP Annual Growth Rate in Turkey is expected to be 12.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Turkey to stand at 4.50 in 12 months time. 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.