The Turkish economy grew by 0.9 percent year-on-year in the third quarter of 2019, rebounding from a revised 1.6 percent contraction in the previous three-month period and compared with market expectations of 1 percent growth. This was the first quarter of economic growth in a year, amid a rebound in household consumption and a faster rise in government spending. Meanwhile, fixed investment contracted at a softer rate and net external demand contributed negatively to the GDP as exports increased less than imports.

GDP Annual Growth Rate in Turkey averaged 4.54 percent from 1999 until 2019, 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. source: Turkish Statistical Institute

GDP Annual Growth Rate in Turkey is expected to be 4.50 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 3.80 in 12 months time. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 4.20 percent in 2020, according to our econometric models.


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Turkey GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.90 -1.60 11.70 -14.40 1999 - 2019 percent Quarterly
NSA

Calendar GMT Actual Previous Consensus TEForecast
2019-03-11 07:00 AM Q4 -3% 1.8% -2.7% -2.2%
2019-05-31 07:00 AM Q1 -2.6% -3% -2.5% -3.2%
2019-09-02 07:00 AM Q2 -1.5% -2.4% -2% -2.4%
2019-12-02 07:00 AM Q3 0.9% -1.6% 1% 1.5%
2020-02-28 07:00 AM Q4 0.9% 4.5%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
2019-09-02
Turkish GDP Contracts Less than Expected in Q2
The Turkish economy shrank by 1.5 percent year-on-year in the second quarter of 2019, easing from a downwardly revised 2.4 percent contraction in the previous three-month period and compared with market expectations of 2 percent fall. Household consumption fell at a slower pace and net external demand contributed positively to the GDP, as exports increased firmly while imports plunged. Meanwhile, fixed investment contraction deepened.

2019-05-31
Turkish Economy Shrinks for 2nd Quarter
The Turkish economy contracted by 2.6 percent year-on-year in the first quarter of 2019, following a 3 percent decline in the previous period and compared with market expectations of a 2.5 percent contraction. It was the second straight quarter of GDP decline, as household consumption and gross fixed capital formation continued to decrease while government expenditure advanced faster and net foreign demand contributed positively to growth. On a seasonally adjusted quarterly basis, the economy advanced by 1.3 percent, rebounding from a 2.4 percent contraction in the last quarter of 2018. It was the first expansion in GDP growth since the first quarter of 2017.

2019-03-11
Turkish Economy Shrinks for 1st Time in Over 2 Years
The Turkish economy contracted by 3 percent year-on-year in the fourth quarter of 2018, compared to an upwardly revised 1.8 percent expansion in the previous three-month period and worse than market expectations of 2.7 percent contraction. This was the first contraction since the third quarter of 2016, as household consumption and fixed investment fell while government spending rose at a softer pace. On the positive note, net external demand contributed positively to the GDP due to a drop in imports prompted by falling lira. For 2018 as a whole, the economy grew 2.6 percent, compared to a 7.4 percent expansion in 2017.


Turkey GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of Turkish GDP and accounts for 70 percent, followed by gross fixed capital formation (22 percent) and government expenditure (15 percent). Exports of goods and services account for 27 percent of GDP while imports account for 32 percent, subtracting 5 percent from total GDP.

Turkey GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 1.00 5.80 -5.20 percent [+]
GDP Annual Growth Rate 0.90 -1.60 11.70 -14.40 percent [+]
GDP 766.51 851.55 950.58 7.99 USD Billion [+]
GDP Constant Prices 466070131.90 426205505.40 466070131.90 148486309.20 TRY THO [+]
Gross Fixed Capital Formation 110095414.70 104793544.80 138491375.10 82266.40 TRY THO [+]
GDP per capita 15026.70 14870.70 15026.70 3134.80 USD [+]
GDP per capita PPP 25286.60 25024.00 25286.60 11289.90 USD [+]
GDP From Agriculture 57743283.00 17988076.00 57743283.00 6480266.00 TRY THO [+]
GDP From Construction 31270055.70 29397188.70 36146657.30 5582784.30 TRY THO [+]
GDP From Manufacturing 70808122.80 70955237.00 79601043.70 23491042.00 TRY THO [+]
GDP From Public Administration 46475880.64 46721876.50 46721876.50 21779242.77 TRY THO [+]
GDP From Services 106301989.30 99796384.70 107042725.30 35367503.20 TRY THO [+]