Turkey Growth Exceeded Expectations in the First Quarter

Turkey growth exceeded expectations in the first quarter. Turkey's economy grew by 7 percent in the first quarter of the year.

The Turkish Statistical Institute (TURKSTAT) announced the gross domestic product (GDP) results for the first quarter of this year (January-March). According to the data, the GDP forecast, as a chained volume index, increased by 7 percent in the first quarter of this year compared to the same period of the previous year. According to the production method, the GDP estimation at current prices increased by 29.1 percent in the first quarter of the year compared to the same quarter of the previous year and was calculated as 1 trillion 386 billion 347 million liras. The first quarter value of GDP was 188 billion 65 million dollars in current prices. When we look at the activities that make up the GDP, in the first quarter of this year compared to the same period of the previous year, information and communication activities increased by 18.1 percent, while other service activities 14.4 percent, industry 11.7 percent, agriculture 7.5 percent, services 5.9 percent, professional, administrative and support service activities 5.3 percent, public administration, education, human health and social service activities 3.7 percent, finance and insurance activities 2.9 percent, construction 2.8 percent and real estate activities 2.4 percent. The Turkish economy has continued to rise since the beginning of 2020, when the effects of the epidemic began to be felt, except for the drop in the second quarter.