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. GDP Annual Growth Rate in Turkey averaged 4.58 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.

GDP Annual Growth Rate in Turkey is expected to be -2.00 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 1.50 in 12 months time. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 2.70 percent in 2020, according to our econometric models.

Turkey GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-10 07:00 AM GDP Growth Rate YoY Q3 1.6% 5.3% 2% 2.2%
2019-03-11 07:00 AM GDP Growth Rate YoY Q4 -3% 1.8% -2.7% -2.2%
2019-05-31 07:00 AM GDP Growth Rate YoY Q1 -2.6% -3% -2.5% -3.2%
2019-09-02 07:00 AM GDP Growth Rate YoY Q2 -1.5% -2.4% -2% -2.4%
2019-12-02 07:00 AM GDP Growth Rate YoY Q3 -1.5% -2%



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.

On the expenditure side, household consumption decreased 1.1 percent in the second quarter (vs -4.8 percent in Q1); and fixed investment plummeted 22.8 percent (vs -12.4 percent in Q1). Meanwhile, government spending went up 3.3 percent (vs 6.6 percent in Q1), and net external demand contributed positively to the GDP growth, as exports jumped 8.1 percent (vs 9.2 percent in Q1) buyoed by a persistent currency weakness and imports tumbled 16.9 percent (vs -28.9 percent in Q1).

On the production side, services output dropped 0.3 percent (vs -3.4 percent in Q1), mainly due to professional, administrative and support service activities (-4.3 percent vs -12.5 percent) and other service activities (-2.9 percent vs -1.7 percent); while growth was recorded for information and communication (2.4 percent vs 1.4 percent), financial and insurance activities (9.3 percent vs 2.1 percent), real estate activities (2.8 percent vs 1.6 percent), and public administration, education, human health and social work activities (2.5 percent vs 8.9 percent). In addition, agriculture, forestry and fishing grew at a faster pace (3.4 percent vs 1.3 percent). Meanwhile, industrial output slumped 2.7 percent (vs -3.9 percent in Q1) due to manufacturing weakness (-3.3 percent vs -4.2 percent), while construction output tumbled 12.7 percent (vs -9.3 percent in Q1).

On a seasonally adjusted quarterly basis, the economy expanded by 1.2 percent in the second quarter, following an upwardly revised 1.6 percent growth in the previous period.


Turkish Statistical Institute | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/2/2019 3:52:01 PM


News

Turkish Economy Shrinks for 2nd Quarter by 2.6% YoY in Q1
The Turkish economy shrank by 2.6 percent year-on-year in the first quarter of 2019, following a 3 percent contraction 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.
Published on 2019-05-31

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.
Published on 2019-03-11

Turkish Q3 GDP Annual Growth Weakest in 2 Years
The Turkish economy grew by 1.6 percent year-on-year in the third quarter of 2018, slowing from an upwardly revised 5.3 percent expansion in the previous three-month period and below market expectations of 2 percent. This was the weakest growth rate since a contraction in the third quarter of 2016, as household consumption and government spending increased at a softer pace while investment fell. On the other hand, net external demand contributed positively to the expansion as a weak lira boosted exports.
Published on 2018-12-10

Turkish GDP Growth Slows to 5.2% in Q2
The Turkish economy grew by 5.2 percent year-on-year in the second quarter of 2018, easing from a downwardly revised 7.3 percent expansion in the previous three-month period. It was the weakest growth rate since the last quarter of 2016.
Published on 2018-09-10



Turkey GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.20 1.60 5.70 -5.20 percent [+]
GDP Annual Growth Rate -1.50 -2.40 11.70 -14.40 percent [+]
GDP 766.51 851.55 950.58 7.99 USD Billion [+]
GDP Constant Prices 426348297.20 386563005.90 464528287.90 148486309.20 TRY THO [+]
Gross Fixed Capital Formation 104251294.60 103249170.10 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 17848921.00 10654652.00 55318148.00 6480266.00 TRY THO [+]
GDP From Construction 29287888.30 24674005.50 36146657.30 5582784.30 TRY THO [+]
GDP From Manufacturing 70922402.50 67010035.20 79601043.70 23491042.00 TRY THO [+]
GDP From Public Administration 46799195.63 46106965.42 46799195.63 21779242.77 TRY THO [+]
GDP From Services 99589464.40 89164392.00 107042725.30 35367503.20 TRY THO [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-1.50 -2.40 11.70 -14.40 1999 - 2019 percent Quarterly
NSA




Country Last Previous
China 6.20 Jun/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
Spain 2.10 Jun/19
Netherlands 2.00 Jun/19
South Korea 2.00 Jun/19
Saudi Arabia 1.70 Mar/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
Euro Area 1.20 Jun/19
United Kingdom 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Argentina 0.60 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Jun/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19


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