Turkey grew by 11 percent in 2021
The Turkish economy recorded annual growth of 11 percent in 2021 in line with expectations. The highest contribution to growth came from domestic consumption and exports. On the basis of the main items, the lowest growth in the whole of 2021 was recorded on the side of imports and investments. the growth performance seen in the whole of 2021 was the highest growth performance in the last 10 years.
The Turkish economy recorded an 11 percent growth in 2021 compared to the previous year.
According to the data released by TURKSTAT, growth in the last quarter of 2021 amounted to 9.1 percent. Growth in the last quarter compared to the previous quarter was 1.5 percent.
annual growth for the third quarter of 2021 was revised down to 7.5 percent from 7.4 percent.
in 2021, GDP per capita was calculated as 85 thousand 672 TL at current prices and 9 thousand 539 in US dollars. in 2020, the per capita income in dollars was recorded at $ 8,599.
the highest growth in exports in 2021
Looking at the basis of the main items, exports recorded the fastest growth in the whole of 2021.
According to the data, exports of goods and services increased by 24.9 percent and imports by 2 percent in 2021 compared to the chained volume index the previous year.
Domestic consumption followed exports in growth performance. Final consumption expenditures of resident households increased by 15.1 percent in 2021 compared to the chained volume index the previous year. The share of household consumption expenditures in GDP was 55.1 percent.
For the full year, the annual growth in public expenditures was 2.1 percent and in investments it was 6.4 percent.
Looking at the contribution of these figures to annual growth, it was observed that the highest positive contribution came from domestic consumption.
Accordingly, domestic consumption contributed 9 percentage points to the 11 percent growth recorded in 2021. Domestic consumption was followed by net exports with a score of 4.9, investments with a score of 1.7 and public spending with a score of 0.3. Stocks, on the other hand, pulled down growth by 4.8 percentage points.
the fastest growth in the last quarter of 2021 is on the domestic consumption side
Looking at the last quarter, it was seen that the fastest growth was on the domestic consumption side. Final consumption expenditures of resident households increased by 21.4 percent in the fourth quarter of 2021 as a chained volume index compared to the same quarter of the previous year.
Domestic consumption was followed by exports in the last quarter. Exports of goods and services increased by 20.7 percent in the fourth quarter of 2021 as a chained volume index compared to the same quarter of the previous year, and imports increased by 2.6 percent.
In the same quarter, the state's final consumption expenditures decreased by 1.9 percent and the gross fixed capital formation decreased by 0.8 percent.
After these figures, the highest contribution in the last quarter came from domestic consumption with 12.5 percentage points. Domestic consumption was followed by exports with a contribution of 4.8 percentage points. In the last quarter, inventories dragged down growth by 7 percentage points, imports by 0.6 percentage points, public spending by 0.3 percentage points and investments by 0.2 percentage points.
The services sector's performance in the last quarter has been outstanding
Looking at the sectoral basis, the performance of the services sector in the last quarter of the year, which exceeded the industry, drew attention.
According to the data, the services sector grew by 16.7 percent in the last quarter of the year compared to the same period a year ago. In the same period, industry growth was recorded as 10.7 percent.
Growth in the agricultural sector remained at 3.3 percent, while the construction sector contracted by 3.9 percent over the same period.
Year, when viewed as a whole, the Chained volume indices compared to the previous year as in the year 2021; 21.1 percent of the total value added service activities, other services 20.3 percent, 20.2 percent of the information and communication activities, professional, administrative and support service activities 17,3 percent, 16.6 percent in industry, public administration, education, human health and Social Work Activities real estate activities 7,0 percent and 3.5 percent.
Financial and insurance activities decreased by 9.0 percent, the agricultural sector by 2.2 percent and the construction sector by 0.9 percent.
Economists drew attention to the contribution of exports and domestic consumption
Economists pointed out that the growth was largely due to the base effect, and the growth was mainly due to exports.
The main thing is whether this picture will continue in 2022. Unfortunately, this will definitely not be a repeat of this painting. The base effect can be seen again in the first quarter of this year. The first quarter will be high, but the growth stages that need to be focused on should be quarter-on-quarter. There is a high growth that comes with current prices, high inflation.
Growth was in line with expectations
In the survey, the growth expectation for the last quarter of last year was 9 percent.
The institution that gives the lowest estimate is 4. in the quarter, the institution that gave the highest forecast predicted growth of 5 percent and 10.2 percent.
