Turkish economy achieves record growth in Apr-Jun 2021

1 September 2021 17:23 (UTC+04:00)

By Vugar Khalilov

Turkey's economy achieved a record 21.7-percent growth in April-June 2021, the Turkish Statistical Institute (TURKSTAT) reported on September 1.

As a chained volume index, it increased by 21.7 percent compared to the same quarter of the previous year. Services increased by 45.8 percent, industry by 40.5 percent, professional, administrative and support service activities by 32.4 percent, other service activities by 32.3 percent.

Moreover, information and communication activities grew by 25.3 percent, public administration, education, human health, and social services by 8.5 percent, real estate activities by 3.7 percent, construction by 3.1 percent, and agriculture, forestry and fisheries by 2.3 percent.

On the other hand, finance and insurance activities decreased by 22.7 percent in the reported period.

Furthermore, 16 economists who participated in the AA Finance Growth Expectation Survey predicted a 21.8- percent growth in the Turkish economy in the second quarter of 2021. Their growth expectations ranged from 6.7 to 9.5 percent for 2021 in total.

Commenting on the growth figures, Treasury and Finance Minister Lutfi Elvan said: “The leading indicators show that the growth and investment trend in the economy continue in the third quarter as well. We expect a growth of over 8 percent for 2021''.

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