Turkey Grew 21.7 Percent in the Second Quarter

Turkey grew 21.7 percent in the second quarter. Growth data was in line with expectations.

The Turkish economy grew by 21.7 percent in the second quarter of the year compared to the same period of 2020, when the epidemic hit economic activity. Compared to the previous quarter, the growth was announced as 0.9 percent. Looking at the main groups, consumption expenditures of resident households increased by 22.9 percent annually in the second quarter of 2021. The growth in the final consumption expenditures of the government remained at 4.2 percent. In the second quarter, annual investments were recorded at 20.3 percent. Exports grew by 60 percent in the second quarter of 2021 compared to the same quarter of the previous year, while imports grew by 19.2 percent. Following these figures, the biggest contribution to growth in the second quarter came from private consumption with 13.8 points. Private consumption was followed by net exports with 6.9 points, while investments made a contribution of 5.4. In this period, the contribution from the final expenditures of the state remained at 0.7 points. Stocks, on the other hand, got 5 points from growth. According to TurkStat data, the Gross Domestic Product estimation by production method increased by 52.4 percent in the second quarter of 2021 at current prices compared to the same quarter of the previous year and became 1 trillion 581 billion 120 million TL. The second quarter value of GDP was 188 billion 566 million in US dollars at current prices.