Turkish economy expands 11% year-on-year in 2021

By Aysu Bicer

ANKARA (AA) – Turkiye's economy expanded 11% year-on-year in 2021 in line with market expectations, according to official data revealed on Monday.

"Gross domestic product at current prices increased by 42.8% and reached 7.2 trillion Turkish liras (nearly $518 billion) in 2021 compared with the previous year," the Turkish Statistical Institute (TurkStat) said in its latest report.

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% rise, followed by 20.3% in other service activities and 20.2% in the information and communication activities.

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