Despite ongoing conflict with various terror groups, a botched coup attempt on July 15, domestic political tensions and strained relations with the West, the Turkish economy outperformed many of the developing or developed countries in the world with the 2.9 percent growth rate. The GDP growth rate was 3.5 percent in the third quarter of 2016, bringing the average growth rate in 2016 to 2.9 percent.
The annual growth rate was much higher than the median forecast recorded by Anadolu Agency's Finance Desk survey, which had envisaged a 2.3 percent GDP increase in 2016 from a year earlier.
Turkey's fourth-quarter GDP reading was also substantially higher than experts' median estimates, coming in at 3.5 percent compared to a 2.4 percent survey prediction. The better-than-expected figures were partly related to the upward revision of previous quarters. Calendar adjusted gross domestic product in the fourth quarter of 2016 increased by 3.5 percent compared to the same quarter of previous year. Seasonally and calendar adjusted GDP increased by 3.8 percent compared to the previous quarter.
The GDP growth rate was 4 percent in 2015, while per capita income was $9,177, decreasing from $10,279 in 2014. With the rise in 2016, the per capita income surpassed the 2014 rate. The per capita income goal for 2016 was set as $9,261 in 2015, whereas the projection in the government's medium term economic program was $9,243.
Among the activities that constitute GDP, the total value added of the activities constituting the agricultural sector decreased by 4.1 percent in 2016 compared with the previous year in the chained linked volume index, the total value added of the activities constituting the industry sector increased by 4.5 percent, the total value added of the activities constituting the construction sector increased by 7.2 percent and the total value added of the activities constituting the service sector decreased by 0.8 percent.
