Turkey shines out among OECD members with high GDP growth in 2nd quarter of 2021

With an annual economic growth rate of 21.7% in the second quarter of this year, Turkey ranked second among Organization for Economic Co-operation and Development (OECD) countries, according to data compiled by Anadolu Agency on Wednesday.

After being smashed by the coronavirus pandemic in 2020, world economies registered significant gross domestic product (GDP) growths with a base effect in April-June 2021.

The UK economy posted the strongest year-on-year growth of 22.2% among OECD countries (with available data) in the second quarter of 2021, versus a contraction of 21.4% in the same period last year.

It was followed by Turkey, where the GDP jumped 21.7% on an annual basis in April-June, according to the Turkish Statistical Institute on Wednesday. It has been the highest annual growth rate since 1999.

The Turkish economy shrank by 1.5% in the second quarter of 2020, compared to the previous year.

Spain ranked third among the OECD countries with a GDP growth rate of 19.8% in this April-June versus minus 21.6% last year.

The economies of Mexico and France expanded 19.5% and 18.7%, respectively during the same period.

In the eurozone, annual GDP growth was 13.6% in this quarter while the rate was 13.2% in the EU27.

The GDP of the OECD area surged 13% year-on-year this April-June but it is still below pre-pandemic levels, as a whole (minus 0.7%).