Services sector remained the biggest contributor in the economy with a 21.1 percent rise in 2021, compared to last year.

According to the country’s medium-term economic program, announced last September, the government aimed a 9 percent growth for the year.
According to the country’s medium-term economic program, announced last September, the government aimed a 9 percent growth for the year. (AA)

Türkiye says its economy has expanded 11 percent year-on-year in 2021 in line with market expectations.

"Gross domestic product at current prices increased by 42.8 percent and reached 7.2 trillion Turkish liras ($802.7 billion) in 2021 compared with the previous year," the Turkish Statistical Institute (TurkStat) said in its latest report on Monday.

The gross domestic product per capita was 85,672 Turkish liras ($9,539) at current prices last year.

Service activities made the biggest contribution to the country's economy with a 21.1 percent rise, followed by 20.3 percent in other service activities and 20.2 percent in the information and communication activities.

Financial and insurance activities, agriculture sector and construction sector decreased 9 percent, 2.2 percent and 0.9 percent, respectively.

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Fastest growing economy in G20

A panel of 21 economists said they expected that Türkiye's GDP would rise 11.1 percent in 2021.

In the fourth quarter of 2021, the Turkish economy grew 9.1 percent from the same period of the previous year, TurkStat said.

Gross domestic product at current prices increased 51.8 percent to reach 2.3 trillion Turkish liras ($198 billion) in the last quarter of the year.

Economists' forecast for the fourth quarter was a 8.7 percent annual growth rate on average, with the lowest at 6.3 percent and the highest at 10.2 percent.

It revealed that the economy boosted 1.5 percent quarter-on-quarter in October-December 2021.

Commenting on the annual figures, Treasury and Finance Minister Nureddin Nebati said Türkiye became the fastest growing economy among the countries of G20, Organization for Economic Co-operation and Development, and EU for which data is available.

Türkiye is committed to maintain the balanced and stable growth trend in the upcoming period, thanks to 'Türkiye Economy Model,' Nebati said.

"Through focusing on investment, production and exports, we will achieve our target of value-added growth that provides high employment," Nebati wrote on Twitter.

Türkiye saw a 7.5 percent growth in the third quarter after expanding 21.9 percent in the second quarter and 7.3 percent in the first quarter of 2021.

In 2020, the Turkish economy grew 1.8 percent.

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Source: TRTWorld and agencies