According to Turkish Statistical Institute (TUIK) data, the Turkish economy grew by 7 percent on an annual basis in the first quarter. The market expectation was for the growth to be 6.7 percent. Although the growth exceeded expectations, its reflection on the economy in the grip of unemployment and inflation could not be seen. Over the course of a year, the cost of living and increasing financial difficulties fell to the share of the citizen.
According to the data of the Turkish Statistical Institute (TUIK), the growth in the January-March period of 2021 was 1.7 percent compared to the previous quarter, while in the first quarter of the year covering the January-March period, 7 percent growth was recorded on an annual basis. According to the production method, the GDP estimation at current prices increased by 29.1 percent in the first quarter of the year compared to the same quarter of the previous year and reached 1 trillion 386 billion 347 million liras. The value of the first quarter of GDP was 188 billion 65 million in US dollar terms at current prices.
AGRICULTURE INCREASED 7.5 PERCENT, SERVICES GROWED 5.9 PERCENT
When the activities that make up the GDP are analyzed, information and communication activities are 18.1%, other service activities are 14.4 percent, industry is 11.7 percent, agriculture is 7.5 percent, services are 5.9 percent, professional, administrative and support service activities are 14.4 percent. 5.3, public administration, education, human health and social service activities increased by 3.7 percent, finance and insurance activities increased by 2.9 percent, construction activities increased by 2.8 percent and real estate activities increased by 2.4 percent.
HOUSEHOLD CONSUMPTION EXPENDITURES INCREASED 7.4 PERCENT
Household final consumption expenditures increased by 7.4 percent in the first quarter of the year, according to the chained volume index compared to the same quarter of the previous year. Final consumption expenditures of the government increased by 1.3 percent and gross fixed capital formation increased by 11.4 percent. Exports of goods and services increased by 3.3 percent as a chained volume index in the first quarter of the year compared to the same quarter of the previous year, while imports decreased by 1.1 percent.
Final consumption expenditures of the government increased by 1.3 percent and gross fixed capital formation increased by 11.4 percent. Exports of goods and services increased by 3.3 percent as a chained volume index in the first quarter of the year compared to the same quarter of the previous year, while imports decreased by 1.1 percent.