NEWS ECONOMY NEWS        28/02/2020

Turkey’s economy grows by 0.9% in 2019

According to figures prepared by the Turkish Statistical Institute (TÜİK – TurkStat), Turkey’s gross domestic product (GDP) grew by 6% in the fourth quarter of 2019 compared with the same period of the previous year. There were signs that despite the on-going economic recession, efforts by the Turkish government to support growth in the economy through implementation of lower interest rates were having a positive effect. Quarterly growth rates improved from (2.3%), up to (1.6%), and finally up to 0.9% growth in the third quarter of 2019. The result for the fourth quarter was expected to be at least 5% resulting in an overall small growth rate for the year of 2019. Indeed, a 6% growth was recorded in the fourth quarter, with the third quarter’s growth rate being revised from 0.9% to 1%, and the overall growth rate for the year 2019 given as 0.9%.

 

TurkStat reported that the fourth quarter’s gross domestic product (GDP) at current prices was TL 1,190 billion (USD 205.7 billion). The growth in the fourth quarter was largely driven by imports and household consumption encouraged by cheaper credit. İmprovement in industrial output was minimal and the construction sector in particular again performed badly.

 

The GDP for 2019 was given as TL 4,280,381 million (USD 753,693 million), a 14.9% increase on the previous year using current prices. GDP income per head of population was given as TL 51,834 (USD 9,127), compared with TL 45,750 (USD 9,693) in 2018.



Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 17.53% in June 2021       Turkey’s official unemployment rate decreases to 13.2% in May 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020