Despite the epidemic, the Turkish economy continues to grow


Estimated reading time: 2 minutes

Despite the coronavirus epidemic, the Turkish economy grew by 5.9 percent in the fourth quarter of last year. As the growth rate in 2020 was 1.8.

The Turkish Statistical Institute (TSI) announced its Gross Domestic Product (GDP) figures during 2020.


Accordingly, the Turkish economy grew to 1.8 percent in 2020, and grew by 5.9 percent in the last quarter of the same year.

According to production, the gross domestic product at current prices increased by 16.8 percent in 2020 compared to the previous year, and reached 5 trillion 47 billion 909 million pounds.

When examining the activities that make up the gross domestic product, the gross value added of:

  • Financing and insurance activities was 21.4 percent.
  • Information and communication activities 13.7 percent.
  • Agricultural sector 4.8 percent.
  • Public administration, education, human health and social services activities increased 2.8 percent.
  • Real estate activities. 2.6 percent.
  • Other service activities, 2.5 percent.
  • Industry, 2 percent.
  • Professional and administrative activities and support services activities decreased by 5.2%.
  • Services decreased by 4.3%, and the construction sector decreased by 3.5%.

The per capita gross domestic product reached 60,537 liras (8 thousand 599 dollars) at current prices for the year 2020.

On the other hand, TURKSTAT revised the growth figures for the second and third quarters of 2020.

As the growth of the Turkish economy was 2.2 percent, and in 2020, a 7 percent increase in GDP was expected in the fourth quarter.