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Turkish Economy Grows 11 Percent in 2021

Türkiye’s economy grew 11 percent annually in 2021 and 9.1 percent year-on-year in Q4, bringing the average annual GDP growth rate during the 2002-2021 period to 5.5 percent. With 11 percent annual GDP growth, Türkiye has been the fastest growing economy in the world in 2021, according to OECD figures.

The data unveiled by the Turkish Statistical Institute (TurkStat) demonstrated the Turkish economy’s robust recovery continued at full speed in 2021, with GDP at current prices reaching USD 803 billion in 2021 from USD 717 billion in 2020, and GDP per capita amounting to USD 9,539 from USD 8,599.

A close analysis of GDP’s activities demonstrated that all of the components, particularly manufacturing and exports contributed positively to economic growth, with the exception of financial services and agriculture. The value-added increased by 21.1 percent in services sector, 20.2 percent in ICT activities, and 16.6 percent in manufacturing.

TurkStat also revised upwards Türkiye’s growth in Q3 of 2021 to 7.5 percent from 7.4 percent.

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