EXPORTS ARE THE MAIN DRIVER OF GROWTH
Ozan Bakış and Gökhan Dilek
Executive Summary
In the second quarter of 2021, the growth rate of the Turkish economy on an annual basis come out at the record-breaking level, thanks in large part to the base effect. GDP grows by 21.7 percent compared to the same quarter of the previous year, with the biggest contribution coming from exports and private consumption expenditures. When we look at the seasonally and calendar adjusted data, we see that the GDP grows by 0.9 percent compared to the previous quarter, and except for change in inventories, all factors make positive contributions to the growth. Both annual and quarterly growth figures show that the recovery of the Turkish economy from the epidemic still continues despite the lockdown measures implemented in the second quarter. The faster pace of vaccination is likely to be a factor maintaining the recovery process.
doc. Growth2021Q2
pdf. Growth2021Q2