Turkish economy narrows 9.9% in Q2

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's economy contracted 9.9% year-on-year in the second quarter of this year, the country's statistical authority announced Monday.

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.