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Turkish Economy Grew by 21.7%
in the Second Quarter of 2021!

Turkish Statistical Institute (TURKSTAT) announced that the Turkish economy grew by 21.7% in the second quarter of 2021 compared to the same quarter of 2020.

 

Compared to the previous quarter of 2021, the growth rate was 0.9%. The share of employees from the economy decreased by 4.1 points.

 

Turkish Statistical Institute (TUIK) announced the growth data for the second quarter of 2021. Accordingly, the Turkish economy grew by 21.7% in the second quarter of 2021 with a 0.9% difference compared to the previous quarter of 2021.

 

 

When the sectors that affect the GDP are evaluated; in the second quarter of 2021, as a chained volume index compared to the last year; there is a 45.8% growth in services,  40.5% in industry, a 32.4% in professional, administrative and support service activities, 32.3% in other service activities, 25.3% in information and communication activities, 8.5% in public administration, education, human health and social services service activities, 3.7% increase in real estate activities,  3.1% in construction and 2.3% raise in agriculture, forestry and fishery. Finance and insurance activities, on the other hand, decreased by 22.7%.

 

Seasonally and calendar adjusted GDP chained volume index increased by 0.9% compared to the previous quarter of 2021. The calendar adjusted GDP chained volume index increased by 21.9% in the second quarter of 2021 compared to the same quarter of the 2020.

 

GDP Reached 1 Trillion 581 Billion 120 Million Turkish Liras at Current Prices in 2021

 

The estimation of Gross Domestic Product by production method increased by 52.4% in the second quarter of 2021 at current prices compared to the same quarter of 2021 and became 1 trillion 581 billion 120 million Turkish Liras. The second-quarter value of GDP was 188 billion 566 million in US dollars at current prices.

 

Consumption Expenditures of Resident Households Increased by 22.9%

 

Consumption expenditures of resident households increased by 22.9% in the second quarter of 2021 as a chained volume index compared to the same quarter of 2020. The final consumption expenditures of the state increased by 4.2% and the gross fixed capital formation increased by 20.3%.

 

Labor payments increased by 36.1%

 

Labor payments increased by 36.1% in the second quarter of 2021 compared to the same quarter of 2020, and net operating surplus/mixed-income increased by 78.2%.

While the share of labor payments in Gross Value Added at current prices was 37.0% in the second quarter of 2020, this rate became 32.9% in 2021. The share of net operating surplus/mixed-income increased from 42.8% to 49.8%.

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