Growth that impoverishes!

Growth that impoverishes!
Date: 2.3.2021 16:00

Although Turkey's economy grew by 1.8 percent in 2020, when the pandemic made the conditions even more negative, the decline in national income continued as it has been since 2014.

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The national income, which was 760 billion dollars in 2019, decreased to 717 billion dollars in 2020. The national income per capita decreased from 9,151 dollars in 2019 to 8,559 dollars in 2020.
Turkey Statistical Institute (TURKSTAT) announced last year's gross domestic product (GDP) results calculated by the production method. Accordingly, Turkey's economy grew by 1.8 percent in 2020 and 5.9 percent in the last quarter of last year.
According to the production method, GDP at current prices increased by 16.8 percent in 2020 compared to the previous year and reached 5 trillion 47 billion 909 million liras. When the activities that make up the GDP are examined, the total added value of finance and insurance activities is 21.4 percent, information and communication activities 13.7 percent, agriculture sector 4.8 percent, public administration, education, human health and social service activities increased 2.8 percent, real estate activities 2.6 percent, other service activities 2.5 percent and industry 2 percent. Vocational, administrative and support service activities decreased by 5.2 percent, services by 4.3 percent, and the construction sector by 3.5 percent. In 2020, 4.5 percent growth was recorded in the first quarter, 10.3 percent contraction in the second quarter, 6.3 percent growth in the third quarter and 5.9 percent growth in the fourth quarter.


While the per capita GYSH value, which was 10 thousand 616 dollars in 2017, decreased to 9 thousand 693 dollars in 2018 and 9 thousand 151 dollars in 2019, with the negative effects of the epidemic, it was 60 thousand 537 lira (8 thousand 599 dollars) in 2020 with current prices. ) was calculated. TURKSTAT also revised the growth data for the second and third quarters of 2020. TURKSTAT revised the growth, which was previously announced as 6.7 percent for the third quarter, to 6.3 percent and the contraction, which was announced as 9.9 percent for the second quarter, to 10.3 percent.


Household final consumption expenditures increased by 3.2 percent in 2020 compared to the previous year's chained volume index and its share in GDP was 56.4 percent. The state's final consumption expenditures increased by 6.6 percent and gross fixed capital formation increased by 10.3 percent.


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