Turkey’s economy is growing strongly and the pound is on the rise

Official data showed on Wednesday that the Turkish economy grew 21.7% year on year as expected in the second quarter, rebounding sharply from a sharp slowdown a year ago driven by COVID-19 restrictions.

Data from the Turkish Statistical Institute showed that the economy grew in the second quarter by 0.9% compared to the previous quarter on average in light of seasonal and calendar factors.

The annual figure was very much in line with the “Reuters” poll for the second quarter of 2021. The poll also forecast growth of 7.95% for the year as a whole.

Growth in the second quarter was led by the service sector at 45.8% per year, followed by the industrial sector by 40.5% and the information and service sector by 25.3%.

Last year, the $ 720 billion economy grew 1.8%, despite falling 10.4% in the second quarter, and it was one of the few global economies to have avoided an annual contraction. amid the initial fallout from the pandemic.

After the data was released, the lira rose to 8.30 per dollar from the closing level at 8.32 per dollar.

Source: Reuters

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