The country’s gross domestic product (GDP) at current prices stood at 1.4 trillion Turkish liras ($197.4 billion) in July-September, TÜİK said.
This figure was well above market expectations as a panel of 17 economists surveyed by Anadolu Agency on Thursday had estimated the Turkish economy would expand by 5% in the same period.
They also predicted that Turkey‘s annual GDP in 2020 would grow by 0.3% on average, but the surprising figure will likely move estimations up for the year’s end.
The current new economic program in place also expected the Turkish economy to grow 0.3% this year. The economy is projected to expand by 5.8% in 2021 after deferred consumption and investments are put into use and tourism revenues normalize.
GDP targets in the program are $702 billion for 2020 and $735 billion for the next year.
The country’s GDP expanded 4.5% in the first quarter of 2020 and narrowed by 9.9% in the second due to the pandemic’s effects on the economy.
Hurriyet Daily News