The Turkish economy expanded 21.7% year-on-year in the second quarter of 2021, official data revealed on Wednesday.
It has been the highest annual growth rate since 1999.
GDP INCREASED TO $188.6 BILLION
The country’s gross domestic product (GDP) at current prices increased 52.4% to 1.6 trillion Turkish liras ($188.6 billion) in the April-June period, according to the Turkish Statistical Institute (TurkStat).
Among the activities constituting GDP, the value added rose 45.8% in services and 40.5% in the industry, while financial and insurance activities decreased 22.7% during the same period.
Major economic indicators show economic activity rebounded with the economic confidence index jumping to 97.8 in June from 92.6 the previous month.
EXPORTS ROSE 10.2%
Last month, Turkish exports hit $16.4 billion, rising 10.2% year-on-year, while imports jumped 16.8% to $20.7 billion.
On Tuesday, international credit rating agency Moody’s upgraded Turkey’s economic growth forecast for 2021 from 5% to 6%.
It noted that a recovery in the tourism sector supported the growth in the Turkish economy, thanks to the ongoing global economic recovery and progress in the coronavirus vaccination.
The country posted a 7% growth year-on-year in the first quarter while the global economy is still suffering from the coronavirus pandemic.
