Turkey's GDP nearly at $175B in Q2

By Tuba Sahin

ANKARA (AA) - Turkey's gross domestic product (GDP) at current prices totaled 1 trillion Turkish liras (nearly $175 billion) in the second quarter of 2019, the country’s statistical authority said on Monday.

Turkey’s economy shrank by 1.5% in the April-June period, compared to same period last year, Turkish Statistical Institute (TurkStat) said in a statement.

A group of 14 economists surveyed by Anadolu Agency last week projected the Turkish economy to contract by 1.8% in the second quarter.

"When the activities which constitute the GDP were analyzed; the total value added increased by 3.4% in the agricultural sector, decreased by 2.7% in the industry sector and 12.7% in the construction sector and 0.3% in the services sector (wholesale and retail trade, transport, storage, accommodation and food service activities) compared with the same quarter of last year in the chained linked volume index," TurkStat said.

Data showed that seasonally- and calendar-adjusted gross domestic product increased by 1.2% compared to the previous quarter.

According to TurkStat’s revised data, Turkish economy's growth rate was minus 2.4% in the first quarter this year.

Turkish government aims an economic growth rate of 2.3% this year, 3.5% next year and 5% by 2021, under its economic program announced last September.