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    Home » The Turkish economy grew 7% in the first quarter, exceeding expectations

    The Turkish economy grew 7% in the first quarter, exceeding expectations

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    By umer shafi on May 31, 2021 Economy

    Official data showed today, Monday, that the Turkish economy grew 7% in the first quarter of the year, exceeding expectations, in light of the restrictions on fighting the pandemic not affecting retail sales, exports and manufacturing.

    Industrial production led the growth, which it and other major sectors recovered well from the most severe repercussions of the Coronavirus last year. Read also Success in cars and flying cars .. Erdogan: The Turkish economy will break new records Bloomberg: The Turkish economy has performed the best among the G20 countries, but at the expense of the lira What are the repercussions of US sanctions on the Turkish economy?The Organization for Economic Cooperation and Development adjusts its forecast for the growth of the Turkish economy from 2.9 to 5.9%

    Most of the restrictions were lifted last March, but a strict lockdown was imposed in late April.

    According to data published by the Turkish Statistics Authority today, Monday, the value of the GDP for the first quarter at current prices amounted to 188 billion and 65 million dollars, according to Anadolu Agency.

    In a poll conducted by Reuters, GDP was expected to grow by 6.7% on an annual basis in the first quarter, while an Anadolu Agency poll predicted that the Turkish economy would grow during the same period by 6.4%.

    Although Turkey is one of the few economies that grew last year, the rate was slower than in recent years and far below expectations of 5%.

    The Turkish economy is expected to grow 5.5% this year, according to the results of a Reuters poll. But a recent surge in Covid-19 cases may affect the tourism season again.

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