Turkey posts record economic growth of 21% in second quarter

Turkey’s GDP at current prices grew 52.4 percent to $ 188.6 billion from April to June 2021, according to the data.

The recovery in the Turkish manufacturing sector continues with a figure exceeding the threshold for the third consecutive month in August. (AA)

Turkey’s economy grew 21.7% year-on-year in the second quarter of 2021, the highest annual growth rate since 1999.

The country’s gross domestic product (GDP) at current prices rose 52.4 percent to $ 188.6 billion (Turkish liras 1.6 trillion) in the April-June period, the Institute reported on Wednesday. Turkish Statistics (TurkStat).

Among the activities constituting the GDP, value added increased by 45.8% in services and by 40.5% in industry, while financial and insurance activities decreased by 22.7% over the course of the year. the same period.

Moody’s improves its growth

Main economic indicators show that economic activity has rebounded, with the economic confidence index rising to 97.8 in June from 92.6 the previous month.

Turkey’s exports last month reached $ 16.4 billion, up 10.2% year-on-year, while imports jumped 16.8% to $ 20.7 billion.

On Tuesday, the international rating agency Moody’s raised Turkey’s economic growth forecast for 2021 from 5% to 6%.

He noted that a recovery in the tourism sector had supported the growth of the Turkish economy, thanks to the ongoing global economic recovery and the progress of the Covid-19 vaccination.

The country posted 7% year-on-year growth in the first quarter as the global economy continues to suffer from the coronavirus pandemic.

Manufacturing activity

The recovery in Turkey’s manufacturing sector also continued with an overall figure standing above the threshold for the third consecutive month in August.

Turkey’s Purchasing Managers Index (or PMI) for the manufacturing sector stood at 54.1 in August, up slightly from 54.0 a month ago, according to the monthly report by IHS Markit prepared in collaboration with the Istanbul Chamber of Industry shown Wednesday.

August’s figure was its highest level since January.

Growing customer demand

The monthly increase is due to improving customer demand and the recent easing of restrictions on Covid-19 which “meant new orders continued to rise steadily in August,” he said.

New export activity rose sharply during the month, helping to boost production in some cases, the report notes.

In order to keep workloads under control, companies have significantly expanded their purchasing activities and employment, he said, adding that the employment increase was the fastest since January.

He pointed out that the continued disruption of the supply chain is contributing to further increases in input costs and selling prices.

READ MORE: Turkey’s AI roadmap seeks to boost economy and create thousands of jobs

Source: AA

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