Manufacturing Industry Contributes To Turkey's GDP
Mohammad Ali (@ChaudhryMAli88) Published March 02, 2021 | 04:54 PM
The manufacturing industry was the biggest contributor to Turkey's GDP performance last year, the Turkish industry and technology minister said on Tuesday. Turkey continues to grow with production led by the manufacturing industry, Mustafa Varank tweeted
ISTANBUL (UrduPoint / Pakistan Point News - 2nd Mar, 2021 ) :The manufacturing industry was the biggest contributor to Turkey's GDP performance last year, the Turkish industry and technology minister said on Tuesday. Turkey continues to grow with production led by the manufacturing industry, Mustafa Varank tweeted.
Turkey's economy expanded 1.8% year-on-year in 2020 despite the economic fallout from the coronavirus pandemic, official figures revealed on Monday.
The country's GDP at current prices stood at 5.1 trillion Turkish liras (some $717.1 billion) last year. In the last quarter of 2020, the economy posted an annual growth rate of 5.
9%.
The minister said the manufacturing industry, which expanded 10.5% year-on-year in the last quarter of 2020, was the biggest contributor to the country's GDP growth rate during the October-December period. Varank also said the rise in the production activities reflects on the employment side, adding: "The number of employees in the manufacturing industry rose by 325,000 in December 2020, up by 8.6% to 4.1 million compared to the same month previous year."Over the same period, machinery and equipment investments increased by 38.7%, which shows the manufacturing industry will continue to expand in the coming period, Varank stressed.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Business
-
Pakistan aims to agree outline of new IMF loan in May - Finance Minister
5 hours ago -
FTO commends FBR's role for prompt resolution of tax payers’ issues
5 hours ago -
BISP embraces E-procurement: launches inaugural tender
7 hours ago -
Business community indebted to Ahsan Zafar for his unprecedented services: Yousuf Rajput
7 hours ago -
China auto sector steps up Europe push with Spain plant
7 hours ago -
Condolence reference held in memory of FBR's officials
8 hours ago
-
Health activists ring alarm bells over 10-stick cigarette pack
9 hours ago -
Karachi receives maiden direct flight of Azerbaijan Airlines from Baku
9 hours ago -
PSX turns bullish, gains 619 points
9 hours ago -
Rupee bounces back; gains 13 paisa against dollar
9 hours ago -
Partners join hands for alternate use of marble, granite slury
9 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
11 hours ago