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Turkey's economy grows 1.8% in 2020

Turkish Lira [Mohammed Elshamy/Anadolu Agency]
Turkish Lira, 20 September 2018 [Mohammed Elshamy/Anadolu Agency]

Turkey's economy grew 1.8 per cent in 2020, annual data showed today, in spite of coronavirus closures around the world, the country's statistical authority announced.

According to Reuters, the country's gross domestic product (GDP) at current prices stood at 5.1 trillion Turkish liras (some $717.1 billion) last year, according to the Turkish Statistical Institute (TurkStat).

In the last quarter of 2020, the economy posted an annual growth rate of 5.9 per cent, TurkStat data showed.

For 2021, GDP is estimated to grow by 4.5 per cent as the economy continues to rebound, according to the median estimate of 11 economists in a Reuters poll.

Last month, Turkey engaged in major investment projects to place it among the top ten largest global economies, President Recep Tayyip Erdogan said.

According to the World Bank, Turkey's economic and social development performance since 2000 has been impressive, leading to increased employment and incomes and making Turkey an upper-middle-income country.

READ: Iran rejects Turkey's military presence in Syria and Iraq

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