Local Turkey

Turkish economy grows 7% in Q1, outperforming OECD, EU, G7 economies

Turkey’s GDP performance stands out in 1st quarter of 2021 above expectations, posting highest growth among OECD countries

Turkey’s economy posted 7% growth year-on-year in the first quarter of 2021 while the global economy is still suffering from the coronavirus pandemic, according to official data announced on Monday.

Turkey performed better than numerous other countries, including EU members and G7 countries, and posted the highest growth among fellow OECD countries.

Turkey’s gross domestic product (GDP) increased by 29.1% and reached 1.4 trillion Turkish liras ($188.6 billion) at current prices in the first quarter of the year, the Turkish Statistical Institute (TurkStat) said.

Over the same period, in contrast, most of the OECD, EU, G7 countries with available data posted declines.

OECD countries’ average GDP growth rate was minus 0.8% in the same period.

Among the OECD countries, Turkey was followed by Colombia, South Korea, and France with 2%, 1.7%*, and 1.5%, respectively, while the UK posted the largest decline with minus 6.1%.

EU members’ average growth rate was also minus 1.7%. The biggest GDP increase was posted by France with 1.5%, while the largest contraction was seen in Portugal with minus 5.4%*.

Turkish economy also outperformed all seven major economies Group of 7 nations consisting of Canada (0.3%), France (1.5%), Germany (-3.1%*), Italy (-1.4%), Japan (-1.8%), the UK (-6.1%), and the US (0.4%).

The G7 nations’ average GDP rate was minus 0.8% in the first quarter of the year.


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