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Turkish Economy will Grow by 11 Percent at the Beginning of 2024

01/12/2023 Investment in Turkey 329 Turkish Economy will Grow by 11 Percent at the Beginning of 2024

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 The Turkish economy has proven to the world the extent of its strength and its continuous growth in the last ten years. An economic leap that surprised the whole world has brought Turkey to the ranks of the top twenty economic countries in the world. For Turkey to have an economy similar to Germany, America, China, Britain and others, does this not indicate an economy? Strong, solid, and attractive to global investments?

  • Damas Turk Real Estate has prepared an article for you that includes the latest statistics for economic growth in Turkey from the beginning of 2021 until now with the end of the first quarter of 2022. Why? Let us prove to you that Turkey is growing economically in word and deed, and that investment and confidence in it have reached the greatest extent, especially since major international countries are investing in it, such as Qatar, the Emirates, and others.

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What are the economic statistics from the beginning of 2021 until the first quarter of 2022?

  • Before starting to go into the details of these statistics and numbers, we remind you that all of these statistics are documented by Turkish and even international sources, such as the Turkish Statistics Authority first and other platforms such as the Anatolia Agency and other official platforms, all of which agree that the Turkish economy is growing terribly in recent periods. Come on. Learn about these statistics

First: Statistics and numbers for the first quarter of 2021

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  • The Turkish economy during the first quarter of 2021 achieved a growth of 7% compared to the same period last year 2020, and statistics indicated that the domestic product increased during these months by 29.1% as well, and reached 188 billion and 65 million US dollars.

What are the most prominent sectors that achieved a significant increase in economic growth?

  • Information and communications sector: 18.1 percent
  • Service sector 14.4%
  • Industrial sector: 11.7 percent
  • Agriculture sector: 7.5 percent
  • Professional and administrative activities sector: 5.3 percent
  • Real estate activities sector: 2.8 percent

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Second: Statistics and figures for the second quarter of 2021

  • The Turkish economy during the second quarter of 2021 achieved a growth of 21.7% compared to the same period last year 2020, and statistics indicated that the domestic product increased during these months by 45.8% as well, and amounted to 1.581 trillion Turkish liras.
  • Here we would like to tell you that this particular quarter Turkey had the second highest economic growth after Britain among the most powerful economic countries in the world. We also note the large difference in economic growth between the first and second quarter, which was at least three times greater. This period of time also witnessed the presence of the Corona pandemic. The embargo imposed heavily on Turkey

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What are the most prominent sectors that achieved a significant increase in economic growth?

  • Professional and administrative activities sector: 32.5 percent
  • Communications and information sector: 25.5 percent
  • Goods and services exports sector: 10.8 percent
  • Education and health sector: 8.5 percent
  • Real estate activities sector: 5 percent

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Third: Statistics and figures for the third quarter of 2021     

  • The Turkish economy during the third quarter of 2021 achieved a growth of 7.4% compared to the same period of last year 2020, and statistics indicated that the domestic product increased during these months by 25.1% as well. By the way, Turkey was in first place with the most developed economy in the world, followed by: 
  • Türkiye 7.4 percent
  • Britain 6.6 percent 
  • Saudi Arabia 6.2 percent 
  • United States of America 4.9 percent  
  • China 4.9 percent 
  • Mexico 4.7 percent   
  • South Korea 4 percent  
  • Italy 3.8 percent 
  • Indonesia 3.7 percent 
  • France 3.3 percent 
  • Germany 2.6 percent 
  • Japan 1.3 percent 

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What are the most prominent sectors that achieved a significant increase in economic growth? 

  • Information and communications sector: 25.1 percent 
  • The service sector 22.4% percent 
  • Professional and administrative activities sector: 8.3 percent 
  • Real estate activities sector: 4 percent

Fourth: Statistics and figures for the last quarter of 2021

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  • The Turkish economy during the last quarter of 2021 achieved a growth of 9.1% compared to the same period last year 2020, and statistics indicated that the domestic product increased during these months by 42.8% as well, and amounted to 7 trillion and 209 billion and 40 million Turkish liras.

What are the most prominent sectors that achieved a significant increase in economic growth?

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  • Professional and administrative activities sector: 25.5 percent
  • Communications and information sector: 18.5 percent
  • So what is the result after all these statistics? The result is achieving economic growth in Turkey at a rate of 11% in the entire year 2021, at a rate of 42% compared to the year 2020, which amounted to approximately 7 trillion and 209 billion and 40 million Turkish liras, which is a distinctive leap for Turkey on the world level?
  • This significant increase in growth indicates the recovery of the Turkish economy after the Corona pandemic, which negatively affected most countries in the world in light of the precautionary measures imposed on it and the ban imposed globally. Exports also have a significant increase in these statistics, which has made Turkey a global exporting country, but what are the main criteria? What promoted and raised this economy?

What are the criteria that the Turkish economy relies on to raise growth and achieve successes?

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First: The political stability that Türkiye has been witnessing for many years

  • Certainly, political stability creates a distinctive environment for the growth of global economies. However, in countries with internal conflicts and other conflicts, it is impossible to establish any commercial or other business. The political stability that Turkey is witnessing under a practical and active government has greatly stimulated its economic growth and pushed it globally in Ranking among major countries

Second: Attracting foreign investors and investing in Turkey

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  • Purely economic thinking characterizes Turkey in attracting foreign investments to it, whether in state-specific projects by attracting foreign investments from countries directly, or by attracting individual investments such as bank deposit laws and obtaining Turkish citizenship  by purchasing real estate in Turkey.
  • Also through the forms of tax exemptions that Turkey offers to foreign investors, most notably the tax exemptions for exports of products and others in Turkey, as well as the exemptions that apply to the purchase of real estate in Turkey  and others as well. There is a special platform to help investors know these exemptions and how to attract their investments to Turkey as well.

Third: Revitalized tourism in Türkiye 

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  • Turkey has witnessed a tremendous tourist demand in recent years thanks to the countless tourism components in Turkey, in addition to the historical and archaeological monuments that attracted a large segment of citizens of countries around the world. Certainly today tourism is a major gateway to economic growth for Turkey, especially since through it a large segment of people travel to Entering into the world of trade or purchasing real estate in Turkey  and elsewhere

Fourth: The local Turkish market and the increase in exports in Türkiye at large rates 

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  • There is no doubt that Turkey today is one of the first countries exporting globally, specifically in several products, the most important of which is the textiles and raw materials sector, as Turkey is a major country exporting Turkish fabrics and clothing and has the largest share in the volume of Turkish exports according to the 2021 statistics of the total value of complete exports in Turkey. Which amounted to 225 billion dollars! 
  • Certainly, there are many other standards on which the Turkish economy depends that we did not mention, but they are not as great as the standards that we mentioned above, which to some extent are among the main influences on the growth of the Turkish economy. Today, the Turkish economy at the level of Europe is considered a successful and influential economy on a global level and has a prosperous future.

In conclusion

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  • There are many who doubted the strength and growth of the Turkish economy over the past two years, especially after Turkey fell to nineteenth place after it was sixteenth in light of the Corona pandemic, but confidence in the Turkish economy returned again after it proved that it is a strong, solid and unshakable economy. about global disasters and crises in light of the statistics it issued during this period
  • Damas Turk Real Estate Company has many investment opportunities in several areas mentioned in the article here. Do you want to benefit from them? All you have to do is click here to communicate with the most important consultants in the company. It provides you with complete economic feasibility with a definitely profitable investment, and documented with numbers and analyses.. Contact us and do not hesitate. 

 

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