The main reason for the rapid growth of the Turkish economy in 2021 was mainly the service sector. The source will tell you more about the current economic situation in the country.
What is happening in the country now?
According to information provided by the Turkish Statistical Institute (TurkStat), the country’s GDP increased by 21.7% year-on-year in the first quarter of 2021. According to available data, this indicator was the first success for the state since 1999. If seasonal fluctuations are taken into account, the Turkish economy has become 0.9% more stable compared to the first half of 2021.
Learn more about the reasons for growth
Operational measures to combat coronavirus infection have made a significant contribution to strengthening the economic situation. In order to improve the epidemiological situation, the Turkish government has imposed a curfew in the country, imposed quarantine on weekends and restricted the operation of entertainment venues. Tougher measures were observed in April and May. Further restrictions were on the decline.
Despite the severity of the restrictions, in general, they did not have a strong impact on production and the economy as a whole, including due to the complete cancellation in June.
Second quarter of 2021
The second quarter of 2021 demonstrated significant economic growth. Turkey managed to take an honorable second place among the OECD countries, second only to the UK. Spain was in third place. The European Union recorded an annual increase of 13.2%.
Leading sectors
As mentioned above, a significant role in the issue of economic evolution in Turkey was played by the service sector, which enjoyed 45.8% year-on-year growth. The second largest growth was followed by the industrial sector with an indicator of 40.5%, as well as by the communications sector of 25.3%. In fourth place is the household sector, which has been striking with its successes since the beginning of the year. Its indicator was 22.9%.
The lowest growth rates were recorded in the real estate sectors – 3.7%, construction – 3.1% and agriculture – 2.3%.
According to the CEO of Ataberk Estate, GDP growth will be a catalyst for improving the well-being of the country’s population and, in general, for improving their purchasing power. Thus, it is possible to predict the growth of real estate purchase and sale transactions among Turkish citizens in the near future. In the future, an increase in demand will push up prices, which is already evident in some areas.
To buy property in Turkey
Are you considering the prospect of investing in Turkish real estate? This is a reasonable decision. Most of all, Turkish housing is effective in the long term. This means that buying apartments for sale in Turkey, after several years of operation, you will be able to sell them profitably and make a profit by increasing prices.
More options for apartments and villas in Turkey are available in the Turk Estate catalog. Evaluate the advantages of the real estate selection service to start looking for a dream apartment today!
