Economic Growth in Turkey
Economic growth should have slowed in Q1, as the earthquakes that hit the country in February heavily dented activity in the affected areas; in February, industrial output contracted at the sharpest rate since the onset of the Covid-19 pandemic. Shifting to the current quarter, April data shows some promise: The manufacturing PMI ticked up, while inflation declined. That said, consumers grew more pessimistic in the month. In politics, on 14 May, the country will elect a new president and Parliament. Polls suggest a very tight contest between Erdogan and the opposition. The election could be a turning point. Under Erdogan, the presidential system and unorthodox economic policies would likely remain in place. If the opposition wins, the country could revert to a parliamentary republic and economic orthodoxy.
Turkey Economic Growth Chart
Turkey Economic Growth Data
2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|
Economic Growth (Nominal GDP, ann. var. %) | 19.3 | 19.9 | 14.7 | 17.1 | 43.6 |