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.

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Turkey GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.90 4.40 11.70 -14.40 1999 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-02 07:00 AM Q3 0.9% -1.6% 1% 1.5%
2020-02-28 07:00 AM Q4 6% 1.0% 5% 5.1%
2020-05-29 07:00 AM Q1 4.5% 6% 5.4% 4.9%
2020-08-31 07:00 AM Q2 -9.9% 4.4% -11.8% -12.4%
2020-11-30 07:00 AM Q3 -9.9% -6.7%


News Stream
Turkish Economy Shrinks the Most in Over 11 Years
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 2009, 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.
2020-08-31
Turkish Economy Expands Less than Expected in Q1
Turkey's economy advanced 4.5 percent year-on-year in the first quarter of 2020, easing from a 6 percent growth in the previous period and missing market expectations of a 5.4 percent expansion, amid the coronavirus pandemic. Household consumption grew 5.1 percent, slowing from a 6.8 percent rise in the last quarter of 2019; and fixed investment shrank 1.4 percent, faster than a 0.6 percent contraction. On the other hand, government spending expanded 6.2 percent, after growing 2.7 percent in the prior quarter. Net external demand contributed negatively to the GDP as imports jumped 22.1 percent (vs 29.3 percent in Q4 2019) while exports dropped 1 percent (vs 4.4 percent in Q4). On a seasonally adjusted quarterly basis, the economy expanded 0.6 percent, slowing from a 1.9 percent growth in the previous period.
2020-05-29
Turkish Economy Grows the Most in 2 Years
Turkey's economy grew by 6 percent year-on-year in the fourth quarter of 2019, accelerating from an upwardly revised 1.0 percent expansion in the previous three-month period and beating market expectations of 5 percent. It was a strong rebound from a recession following 2018 currency crisis as household consumption (6.8 percent vs 1.9 percent) and government spending (2.7 percent vs 5.7 percent) grew strongly, and fixed investment declined less (-0.6 percent vs -12.8 percent). Meantime, net external demand contributed negatively to the GDP as exports increased 4.4 percent while imports jumped 29.3 percent. Considering 2019 full year, the economy grew by 0.9 percent, also beating forecasts of 0.6 percent, but the slowest since a contraction was recorded in 2009. For 2020, the government is expecting 5 percent economic growth this year and next.
2020-02-28
Turkish Economy Expands for First Time in a Year
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.
2019-12-02

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.