Turkey’s Economy Grows 21.7% in Q2

The Turkish economy grew by 21.7% on an annual basis as expected in Q2, recovering strongly from a sharp slowdown a year ago driven by COVID-19 restrictions.

Data from the Turkish Statistical Institute showed that the economy grew 0.9% from the previous quarter on an adjusted basis in light of seasonal and calendar factors.

The lira rose to 8.30 per dollar after the data from the closing level at 8.32.

The annual figure fully agreed with a Reuters poll for Q2. The poll also predicted growth of 7.95% for the whole year.

Last year, the $720 billion economies grew 1.8% despite falling 10.4% in Q2 and was one of the few global economies that avoided an annual contraction amid the initial fallout from the pandemic.

The growth in Q2 was led by the services sector by 45.8%, followed by the industrial sector by 40.5% and the information and services sector by 25.3%.