Turkey’s Economy Shrinks by 2.6 Percent in First Quarter of 2019

Click to read the article in Turkish

The Turkish Statistical Institute (TurkStat) has announced the Gross Domestic Product (GDP) figures for January, February and March 2019.

Accordingly, in the chained volume index, the GDP forecast in the first quarter of 2019 has fallen by 2.6 percent when compared to the same period last year. As for the GDP forecast at current prices based on production methods, it has decreased by 16 percent in comparison with the first quarter of 2018 and is measured as 914 billion 699 million Turkish Lira.

Shrinkage higher in industry and construction

When the activities making up the Gross Domestic Product are considered, the statistics shared by the TurkStat have shown that while the added value of the agricultural sector has increased by 2.5 percent in the first quarter of 2019, the added value of the industrial sector has fallen by 4.3 percent and that of the construction sector by 10.9 percent.

As for the added value of tertiary sector consisting of trade, transportation, accommodation and food service, it has also shrunk by 3 percent.

When the first quarters of 2018 and 2019 are comparatively analyzed, the figures of the TurkStat have also shown that the seasonally adjusted GDP chained volume index has also decreased by 2.3 percent. When it is compared with the previous quarter, namely October,, November, December 2018, it is seen that this figure has increased by 1.3 percent.

Consumption expenditures of households on decrease

While the final consumption expenditures of households have decreased by 4.7 percent in this period, the final consumption expenditures of the state have increased by 7.2 percent.

The export of goods and services has increased by 9.5 percent in comparison with the first quarter of 2018 and the import of goods and services has decreased by 28.8 percent. (HA/SD)