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Financial News: Turkey GDP Falls Sharply In Q2

Turkey GDP Falls Sharply In Q2

08/31/2020 - 07:36:00 (RTTNews)

(RTTNews) - Turkey's economy shrank sharply in the second quarter due to the coronavirus containment meausres, data from the Turkish Statistical Institute showed Monday.

Gross domestic product fell 9.9 percent on a yearly basis in the second quarter, in contrast to the 4.4 percent expansion in the first quarter. However, this was much slower than the 11.8 percent decrease economists' had forecast.

GDP decreased by a calendar-adjusted 10 percent annually in the second quarter. On a quarterly basis, GDP was down by a historic 11 percent versus a 0.1 percent drop a quarter ago.

Data showed that government spending fell moderately by 0.8 percent annually, while household spending decreased 8.6 percent and gross fixed capital formation fell 6.1 percent.

Imports fell 6.3 percent and exports were down 35.3 percent in the second quarter.

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