ANKARA, Feb. 28 (Xinhua) -- Turkey's economy expanded 11 percent in 2021, compared to 1.8 percent the previous year, rebounding strongly from the COVID-19 pandemic as expected, according to official data on Monday.
The gross domestic product (GDP) grew by 9.1 percent in the fourth quarter of 2021, the Turkish Statistical Institute added.
Domestic consumption and exports contributed the most to the growth, while imports and investments the least, it said.
The country's economic growth is overshadowed by its annual inflation rate which has reached a 20-year high of 48.7 percent in January.
The inflation spike was essentially fueled by Turkish President Recep Tayyip Erdogan's economic policies in favor of lower borrowing costs last year and an ensuing depreciation in the national currency.
Erdogan has said the country will have to carry the burden of inflation for some time, asking citizens for patience amid widespread popular discontent. ■
