Turkey Grows In The Fourth Quarter

Turkey grows in the fourth quarter. The growth rate in the fourth quarter was 5.9 percent.

Turkish Statistical Institute (TURKSTAT) announced the gross domestic product (GDP) results for 2020, calculated by the production method. According to the data announced, while the Turkish economy grew by 1.8 percent in 2020, it grew by 5.9 percent in the last quarter of the year. According to the production method, GDP at current prices increased by 16.8 percent in 2020 compared to the previous year and was recorded as 5 trillion 47 billion 909 million liras.  

Per Capita GDP Value was Calculated as 60 thousand 537 Lira

Looking at the activities that make up the GDP, in 2020, the total added value of finance and insurance activities as a chained volume index is 21.4 percent, information and communication activities 13.7 percent, agriculture sector 4.8 percent, public administration, education, human health and service activities increased 2.8 percent, real estate activities 2.6 percent, other service activities 2.5 percent and industry 2 percent. On the other hand, professional, administrative and support service activities decreased by 5.2 percent, services by 4.3 percent and the construction sector by 3.5 percent. The per capita GDP value was calculated as 60 thousand 537 lira (8 thousand 599 dollars) at current prices in 2020. In addition, the Turkish Statistical Institute (TURKSTAT) revised the growth figures for the second and third quarters of 2020. Economists predicted that the Turkish economy will grow by 2.2 percent in 2020 and GDP to increase by 7 percent in the fourth quarter of 2020.