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Turkey’s economy grew 11% year-on-year in 2021, growing 9.1% in the fourth quarter of the year, in line with market expectations, official data showed on Monday.

“Gross domestic product (GDP) at current prices increased by 42.8% and reached TL 7.2 trillion (nearly $518 billion) in 2021 compared to the previous year,” the report said. Turkish Statistical Institute (TurkStat) in its latest report.

Growth is the strongest in the last 10 years.

GDP per capita stood at TL 85,672 ($9,539) at current prices last year.

Service activities made the largest contribution to the country’s economy with an increase of 21.1%, followed by 20.3% from other service activities and 20.2% from information and communication activities. .

Financial and insurance activities, the agricultural sector and the construction sector decreased by 9%, 2.2% and 0.9% respectively.

A panel of 21 economists polled by Anadolu Agency (AA) on Wednesday expects Turkey’s GDP to grow by 11.1% in 2021.

In the fourth quarter of 2021, Turkey’s economy grew by 9.1% compared to the same period a year earlier, TurkStat said.

GDP at current prices increased by 51.8% to TL 2.3 trillion in the last quarter of the year.

Economists forecast an average annual growth rate for the fourth quarter of 8.7%, the lowest at 6.3% and the highest at 10.2%.

It revealed that the economy grew by 1.5% quarter-on-quarter in October-December 2021.

Commenting on the annual figures, Treasury and Finance Minister Nureddin Nebati said Turkey has become the fastest growing economy among G-20 countries, the Organization for Economic Co-operation and Development (OECD). and the European Union according to the data available.

Turkey is committed to maintaining balanced and stable growth in the coming period using its economic model, Nebati said.

“By focusing on investment, production and exports, we will achieve our goal of value-added growth that creates high employment,” the minister wrote on Twitter.

Turkey recorded 7.5% growth in the third quarter after growing 21.9% in the second quarter and 7.3% in the first quarter of 2021.

According to the country’s medium-term economic program, announced last September, the government was aiming for 9% growth for the year.

In 2020, the economy grew by 1.8%.

Also commenting on the growth figures, Trade Minister Mehmet Muş said on Twitter: “Exports continue to drive growth. Turkey’s economy grew by 11% in 2021, the strongest growth in the past 10 years. The contribution of net exports of goods and services to growth was 4.9 points.

Chairman of the Council for Foreign Economic Relations (DEIK), Nail Olpak, said the country’s double-digit growth presents a pleasant and reassuring picture for the business community.

“We see that our business community has managed to turn problems into opportunities, despite what happened during the pandemic,” he said.

In a written statement, Olpak said not all countries can grow equally in the new post-pandemic period, noting that EU GDP could return to pre-pandemic levels in the second half of 2022. , but Germany, Spain and some other EU countries still could not reach these levels.

Stressing the importance of achieving double-digit growth with exports of $225 billion, Olpak pointed out that net foreign demand made a high contribution, 4.9 points, to total GDP growth and reached the highest number in the last 20 years.

The government has acted decisively in supporting employment during the pandemic and keeping domestic demand alive, Olpak said, adding that consumer spending, which rose 15.1 percent, was 8.9 percentage points higher. GDP growth.

“As DEIK, we will continue to work with all our might for more qualified growth in Turkey and a balanced distribution of grassroots growth in the coming period. In order to maximize our country’s share in world trade, we will continue to reach all over the world and further contribute to its growth based on foreign demand,” he said.

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