Turkey's economic expansion accelerates in Q1 2021
In Q1 2021, Turkey's real GDP increased by a seasonally and working-day adjusted 1.7% q/q, matching the growth rate in Q4 2020. This led to unadjusted growth of 7% y/y, up from 5.9% y/y in Q4 2020. The expansion was driven by both domestic and external demand, supported by reviving world trade, the easing of COVID-19 restrictions and currency depreciation.
Household consumption increased by 7.4% y/y in Q1 2021, gross fixed capital formation (investment spending) by 11.4% y/y and government consumption by 1.3% y/y. As for external trade, goods and services exports increased in volume by 3.3% y/y, while imports volume declined by 1.1% y/y.
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