The Turkish economy expanded 5.9 percent year-on-year in the last three months of 2020, slightly less than a downwardly revised 6.3 percent growth in the previous period and below market forecasts of 7.1 percent. A slowdown was see in agriculture (21.8 percent vs 23.7 percent), construction (19.6 percent vs 23.4 percent), financial and insurance (30.2 percent vs 65.1 percent) and real estate activities (10.8 percent vs 11.6 percent) while the industrial sector (40.7 percent vs 27.4 percent) and services (20.7 percent vs 13.2 percent) jumped at a faster pace. On a quarter-on-quarter basis, the GDP grew 1.7 percent. Considering full 2020, the economy expanded 1.8 percent, above 0.9 percent in 2019, as a near doubling of lending by state banks in the second half of the year was able to partially offset the effects of the coronavirus curfews, restrictions and curbs on business. source: Turkish Statistical Institute
GDP Annual Growth Rate in Turkey averaged 4.43 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 May of 2021.
GDP Annual Growth Rate in Turkey is expected to be 3.80 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 5.10 in 12 months time. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 3.80 percent in 2022 and 4.60 percent in 2023, according to our econometric models.