ECONOMY GREW BY 11% IN 2021

The Turkish economy grew by 11% year-on-year in 2021 in line with market expectations, according to the Turkish Statistical Institute (TurkStat). The gross domestic product (GDP) at current prices increased by 42.8% and reached TRY 7.2tr (nearly USD 518bn) in 2021 compared to the previous year. The GDP per capita was TRY 85,672 (USD 9,539) at current prices last year. Service activities made the biggest contribution to the country ’s economy with a 21.1% rise, followed by 20.3% in other service activities and 20.2% in information and communication activities. Financial and insurance activities, agriculture sector and construction sector decreased 9%, 2.2% and 0.9%, respectively. The Turkish economy grew by 9.1% in the last quarter of 2021.