Gross domestic product at current prices increased to $188.6B in the January-March period, says TurkStat
ANKARA – Turkey’s economy expanded 7% year-on-year in the first quarter of 2021 amid economic fallout from the coronavirus pandemic, according to the country’s statistical authority on Monday.
This figure was well above market expectations as a panel of 16 economists surveyed by the Anadolu Agency on Friday had estimated the Turkish economy would expand by 6.4% on average in the same period, in the January-March period, hovering between 5% and 7.2%.
Following the release of the growth data, the Turkish lira appreciated 0.73% at 8.48 versus the dollar. The lira started the new week at the level of 8.56 against the dollar.
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Compared with currencies of developing countries, the Turkish lira gained the most value against the dollar on Monday, as the first-quarter growth data came out better than expected.
The country’s gross domestic product (GDP) at current prices increased 29.1% to 1.4 trillion Turkish liras ($188.6 billion) in the first quarter of the year, the Turkish Statistical Institute (TurkStat) said.
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Alvaro Ortiz Vidal-Abarca, the chief economist for Turkey at Spanish-based BBVA bank said on Twitter: “Turkey’s GDP grows at 7.0% in Q1 and stays near 23% in the second quarter.”
“The data remind us that GDP will grow near or above 6% in 2021 and that controlling Inflation, not growth, should be the priority this year. Only by this will guarantee sustainable growth in 2022.”
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Figures on growth
Value-added increased the most among financial and insurance activities constituting gross domestic product with 18.1% annually in the first quarter.
The figures rose 14.4% in other service activities, 11.7% in industry, and 7.5% in agriculture during the same period.
Financial sector activity also rose by 2.9% followed by a 2.8% increase in the construction sector and 2.4% in real estate activities.
Government final consumption expenditure grew 1.3%, while gross fixed capital formation jumped 11.4% in January- March compared with the same quarter of the last year.
The final consumption expenditures of resident households gained by 7.4% in the same period, TurkStat said.
Exports of goods and services increased by 3.3%, imports diminished by 1.1%, it added.
Amid the pandemic, Turkey was one of the rare countries where negative growth did not occur and its economy grew by 1.8% in 2020.
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