Turkish economy sees growth of 21.7 pct in second quarter

ANKARA-Anadolu Agency

The Turkish economy expanded 21.7 percent year-on-year in the second quarter of 2021, official data revealed on Sept. 1.

It has been the highest annual growth rate since 1999.

The country's gross domestic product (GDP) at current prices increased 52.4 percent to 1.6 trillion Turkish liras ($188.6 billion) in the April-June period, according to the Turkish Statistical Institute (TÜİK).

Among the activities constituting GDP, the value added rose 45.8 percent in services and 40.5 percent in the industry, while financial and insurance activities decreased 22.7 percent 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.

Last month, Turkish exports hit $16.4 billion, rising 10.2 percent year-on-year, while imports jumped 16.8 percent to $20.7 billion.

On Aug. 31, international credit rating agency Moody's upgraded Turkey's economic growth forecast for 2021 from 5 percent to 6 percent.

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 COVID-19 vaccination.

The country posted a 7 percent growth year-on-year in the first quarter while the global economy is still suffering from the coronavirus pandemic.