Turkish Economy Grows 21.7 percent in Q2 2021

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The robust recovery in the Turkish economy continued at full speed and Turkey's GDP grew by 21.7 percent year-on-year in the second quarter of 2021, posting its highest-ever expansion since 1999 and ranking second in the world after the UK.

The Turkish Statistical Institute (TurkStat) also revised upwards Turkey's growth in the first quarter of 2021 to 7.2 percent from 7.0 percent. The data released on September 1 revealed that the GDP at current prices reached USD 188,566 million in the second quarter and the Turkish economy expanded by 0.9 percent on a quarterly basis, showing that it kept its strong growth momentum despite the lockdown in May.

A close analysis of GDP's activities indicated all the components positively contributed to the economic growth except stock changes. Private and government consumption have contributed to Turkey's growth by 13.7 and 0.7 ppt., while investment expenses and net exports contributed by 5.4 and 7.0 ppt., respectively.