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.
GDP Annual Growth Rate in Turkey averaged 4.56 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 June of 2020. source: Turkish Statistical Institute
GDP Annual Growth Rate in Turkey is expected to be -8.90 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 5.10 percent in 2021 and 4.60 percent in 2022, according to our econometric models.