Turkish economy narrows 9.9% in Q2

Turkish economy narrows 9.9% in Q2
# 31 August 2020 17:04 (UTC +04:00)

Turkey's economy contracted 9.9% year-on-year in the second quarter of this year, the country's statistical authority announced Monday, APA reports citing Anadolu Agency.

Gross domestic product (GDP) at current prices amounted to 1.04 trillion Turkish liras ($153.18 billion) in the April-June period, according to the Turkish Statistical Institute (TurkStat).

During the second quarter of the year, several economies -- including Turkey -- faced economic difficulties due to the measures to stem the COVID-19 pandemic, such as lockdowns and travel restrictions.

"Seasonally and calendar adjusted GDP with chain linked volume index decreased by 11% compared with previous quarter," the institute said.

A group of 17 economists surveyed by Anadolu Agency on Thursday had projected the Turkish economy to narrow 11% on an annual basis in the second quarter of this year.

Economists' forecasts hovered between minus 7% and minus 15%.

The economists also predicted that Turkey's annual GDP in 2020 would contract 1.8% on average.

The country's GDP expanded 4.5% in the first quarter of this year, and 0.9% in 2019.

Before the onset of the novel coronavirus crisis, the economy was expected to grow 5% in 2020 as laid out in the country's new economic program announced last September.