Turkey's economy shrank 9.9 percent year-on-year in the second quarter of 2020, after a downwardly revised 4.4 percent growth in the previous period and compared with market expectations of a 11.8 percent plunge. It was the sharpest contraction since the first quarter of 2019, as the coronavirus pandemic hit the economy. Household consumption shrank 8.6 percent, following a 4.5 percent expansion in the first quarter of the year; and government spending contracted 0.8 percent, after growing 3.2 percent. Additionally, fixed investment slumped 6.1 percent, following a 0.3 percent drop in the prior period. Exports plunged 35.3 percent (vs 0.3 percent in Q1) and imports declined at a softer 6.3 percent (vs 21.9 percent in Q1). On a seasonally adjusted quarterly basis, the economy shrank 11 percent, the most on record, following a downwardly revised 0.1 percent fall in the previous quarter.
GDP Annual Growth Rate in Turkey averaged 4.39 percent from 1999 until 2020, reaching an all time high of 11.70 percent in the first quarter of 2011 and a record low of -14.40 percent in the first quarter of 2009. This page provides the latest reported value for - Turkey GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Turkish Statistical Institute
GDP Annual Growth Rate in Turkey is expected to be -6.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Turkey to stand at 10.50 in 12 months time. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 5.10 percent in 2021 and 4.60 percent in 2022, according to our econometric models.