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 49% to TL 17,002 (USD 577) as of 01.01.2024       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 75.45% in May 2024       Turkey’s official unemployment rate is 8.6% in March 2024       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.1 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023