Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. 0000015315 00000 n The Turkish economy ended last year on a notably stronger footing, with GDP growing 6.0% year-on-year in the fourth quarter of last year, a seven-quarter high and markedly above both the prior quarter’s 1.0% annual expansion, as well as market expectations of 5.0% growth. 0000115716 00000 n The country's gross domestic product (GDP) at current prices stood at 4.28 trillion Turkish liras (some $755 billion) last year, TurkStat said. The CIA classifies Turkey as a developed country. Turkey's New Economic Program, announced last September, targets growth of 0.5% in 2019 and 5% in the following three years. 0000004137 00000 n Most economies in eastern Europe are not adequately equipped to withstand a second coronavirus wave. List of Provinces by GDP. Read more. 0000053791 00000 n 0000043082 00000 n YU��g|x���yض�1. Turkey is embroiled in a number of regional conflicts and relations with the West are poor. Domestic demand is seen recovering on the back of household consumption and fixed investment rising from the ashes, aided by looser monetary policy and a credit impulse. Turkey is a founding member of the OECD (1961) and the G-20 major economies (1999). Looking at 2019 as a whole, economic growth decelerated to 0.9%, a one-decade low, after growing 2.8% in 2018. Consumer confidence ticked down mildly to 81.9 in October from September's 82.0. 0000005935 00000 n However, the balance of risks remains skewed to the downside amid the government’s focus on achieving high growth through cheap credit, while geopolitical tensions and market volatility further cloud the outlook. My Cart Never miss out on our latest data, analysis and industry events. Twitter Turkey has large external financing needs, and its private sector is heavily indebted in foreign currency, raising risks to financial stability. 0000018634 00000 n Looking ahead, the Turkish economy is expected to bounce back from last year’s poor showing, although this is largely due to a supportive base effect. If you continue to navigate this website beyond this page, cookies will be placed on your browser. GDP PPP based on: 2011 International Dollars. Economic growth reaches near two-year high in Q4. Turkey's economy posted a growth rate of 0.9% in 2019, according to the Turkish Statistical Institute (TurkStat). International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. The current account balance swung from a USD 3.3 billion surplus in August 2019 to a USD 4.6 billion deficit in August 2020 (July 2020: USD 1.9 billion deficit). Fiscal stimulus should help to cushion the contraction somewhat, however, and the economy should recover strongly next year. This site uses cookies to optimize functionality and give you the best possible experience. 0000012178 00000 n Press Turkey's economy shrank 11 percent quarter-on-quarter in the three months to June 2020, following a downwardly revised 0.1 percent drop in the previous period. 0000006451 00000 n Turkey’s tourism sector collapses in 2020, Geopolitical tensions trigger lira sell-off, US-brokered ceasefire between Armenia and Azerbaijan fails. 0000017440 00000 n %%EOF Since 1995, Turkey is a party to the European Union–Turkey Customs Union. The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. LinkedIn All rights reserved. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. 0000042756 00000 n xref 0000017347 00000 n Moreover, growth in consumer credit jumped amid the government’s reinforced focus on achieving high growth rates and the Central Bank’s continued monetary policy easing. All rights reserved.Terms & Conditions. It is estimated that the application of the latest standard would add US$824 billion. © World Economics Limited. {"2005":103334040.89, "2006":110457361.99, "2007":115614151.64, "2008":116375862.12, "2009":110759708.25, "2010":120901922.55, "2011":131182443.13, "2012":133972693.70, "2013":145348315.12, "2014":146802792.76, "2015":155737210.73, "2016":160695883.52, "2017":172653264.21, "2018":177085273.50, "2019":178744562.52}, [{"1920":25.47, "1921":23.98, "1922":22.49, "1923":19.51, "1924":23.33, "1925":25.98, "1926":30.15, "1927":27.41, "1928":30.38, "1929":35.22, "1930":36.81, "1931":39.01, "1932":36.65, "1933":41.47, "1934":42.42, "1935":43.28, "1936":51.51, "1937":53.23, "1938":57.91, "1939":62.73, "1940":58.93, "1941":53.61, "1942":55.94, "1943":50.77, "1944":48.61, "1945":42.04, "1946":54.31, "1947":57.37, "1948":65.15, "1949":61.87, "1950":67.67, "1951":76.33, "1952":85.46, "1953":95.00, "1954":92.30, "1955":99.74, "1956":102.99, "1957":111.18, "1958":116.25, "1959":121.60, "1960":134.20, "1961":136.51, "1962":144.80, "1963":158.45, "1964":165.01, "1965":169.33, "1966":189.86, "1967":197.38, "1968":210.54, "1969":221.82, "1970":233.10, "1971":246.08, "1972":264.35, "1973":272.97, "1974":288.24, "1975":308.92, "1976":341.24, "1977":352.86, "1978":358.17, "1979":355.93, "1980":347.23, "1981":364.08, "1982":377.06, "1983":395.79, "1984":422.36, "1985":440.27, "1986":471.16, "1987":515.84, "1988":526.78, "1989":528.11, "1990":576.98, "1991":582.33, "1992":617.18, "1993":666.81, "1994":630.43, "1995":675.77, "1996":723.11, "1997":777.55, "1998":801.59, "1999":774.61, "2000":827.09, "2001":779.97, "2002":828.04, "2003":871.64, "2004":953.25, "2005":1033.34, "2006":1104.57, "2007":1156.14, "2008":1163.76, "2009":1107.60, "2010":1209.02, "2011":1311.82, "2012":1339.73, "2013":1453.48, "2014":1468.03, "2015":1557.37, "2016":1606.96, "2017":1726.53, "2018":1770.85, "2019":1787.45}], {"1971":5.6, "1972":7.4, "1973":3.3, "1974":5.6, "1975":7.2, "1976":10.5, "1977":3.4, "1978":1.5, "1979":-0.6, "1980":-2.4, "1981":4.9, "1982":3.6, "1983":5.0, "1984":6.7, "1985":4.2, "1986":7.0, "1987":9.5, "1988":2.1, "1989":0.3, "1990":9.3, "1991":0.9, "1992":6.0, "1993":8.0, "1994":-5.5, "1995":7.2, "1996":7.0, "1997":7.5, "1998":3.1, "1999":-3.4, "2000":6.8, "2001":-5.7, "2002":6.2, "2003":5.3, "2004":9.4, "2005":8.4, "2006":6.9, "2007":4.7, "2008":0.7, "2009":-4.8, "2010":9.2, "2011":8.5, "2012":2.1, "2013":8.5, "2014":1.0, "2015":6.1, "2016":3.2, "2017":7.4, "2018":2.6, "2019":0.9}.
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