9.3 C
Ankara
Thursday, July 9, 2020

Turkey’s Economy Grows 4.5 Percent in First Quarter

Must Read

Syria’s Idlib Province, Wrecked by War. Readies for Coronavirus Battle

An activist who has supported the democracy protests against Syria’s authoritarian president since they began nine years ago knows...

Honda cyberattack halts plants in India, Brazil, Turkey

Honda said the cyber attack was still affecting at least four plants globally. TOKYO: Honda plants in Turkey, Brazil and...

Turkey lifts lockdown for seniors, minors: Live updates | News

Turkish President Recep Tayyip Erdogan has said Turkey is lifting stay-at-home orders for people aged over 65 and for...

Source and photo: AA

Click to read the article in Turkish

Turkey’s economy grew 4.5 percent year-on-year in the first quarter of 2020, the Turkish Statistical Institute (TurkStat) announced today (May 29).

Accordingly, gross domestic product (GDP) at current prices amounted to 1.07 trillion Turkish liras ($176.1 billion) in the January-March period.

“Seasonally and calendar adjusted GDP increased by 0.6 percent compared with the previous quarter,” the institute said.

Impact of the pandemic was limited

The negative impact of the virus was limited on the data as the first Covid-19 case was confirmed in Turkey on March 11.

TurkStat said in light of the activities constituting gross domestic product, the value added increased 3 percent in the agricultural sector and 6.2 percent in the industry sector in the first quarter, while dropped 1.5 percent in the construction sector.

The services sector’s value added — wholesale and retail trade, transport, storage, accommodation and food service activities — went up 3.4 percent on a yearly basis.

Government final consumption expenditure grew 6.2 percent while gross fixed capital formation fell 1.4 percent in the first quarter of 2020 compared with the same quarter of the previous year.

The country’s GDP expanded 6 percent in the last quarter of 2019, 0.9 percent in the third quarter after contracting 2.3 percent in the first quarter and 1.6 percent in the second on an annual basis.

Turkey’s economic growth rate was 0.9 percent in 2019 and 7.4 percent in 2018.

Expectations were higher

Before the onset of the coronavirus crises, the economy was expected to grow 5 percent in 2020 as laid out in the country’s new economic program announced in September.

Economists’ forecasts hovered between 4.4 percent — the lowest estimate — and 5.8 percent.

The economists also predicted that Turkey’s annual GDP in 2020 would narrow 1.5 percent on average.
(HA/VK)

 

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Syria’s Idlib Province, Wrecked by War. Readies for Coronavirus Battle

An activist who has supported the democracy protests against Syria’s authoritarian president since they began nine years ago knows...

Honda cyberattack halts plants in India, Brazil, Turkey

Honda said the cyber attack was still affecting at least four plants globally. TOKYO: Honda plants in Turkey, Brazil and India have halted operations as...

Turkey lifts lockdown for seniors, minors: Live updates | News

Turkish President Recep Tayyip Erdogan has said Turkey is lifting stay-at-home orders for people aged over 65 and for minors as part of a...

Erdogan says Turkey, US reached agreements on Libya

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan said Monday that he has reached agreements with his U.S. counterpart Donald Trump that could...

Human-centred approach conceals warmongering policy – The Citizen

During the Ottoman era, the Turks used to have considerable relations with Africa as the Sultans ruled a big part of north Africa including...

More Articles Like This