Turkey GDP Growth Rate

The Gross Domestic Product (GDP) in Turkey expanded 0.50 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Turkey is reported by the Turkish Statistical Institute. GDP Growth Rate in Turkey averaged 0.96 Percent from 1998 until 2013, reaching an all time high of 6.69 Percent in the second quarter of 2009 and a record low of -7.57 Percent in the first quarter of 2009. Turkey is a rapidly developing country and the largest national economy in Central and Eastern Europe. Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. It has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication. This page provides - Turkey GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-23

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.50 0.80 6.69 -7.57 0.19 | 2013/12 1998 - 2013 Percent Quarterly

TO

Turkey GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-06-11 08:00 AM Turkey
GDP Growth Rate QoQ
Q1 2013 1.6% 0.1% (R) 0.99%
2013-09-10 07:00 AM Turkey
GDP Growth Rate QoQ
Q2 2013 2.1% 1.5% (R) 0.18%
2013-12-10 08:00 AM Turkey
GDP Growth Rate QoQ
Q3 2013 0.9% 2.0% (R) 0.96%
2014-03-31 08:00 AM Turkey
GDP Growth Rate QoQ
Q4 2013 0.5% 0.8% (R) 0.19%
2014-06-10 08:00 AM Turkey
GDP Growth Rate QoQ
Q1 2014 0.5% 1.2%
2014-09-10 08:00 AM Turkey
GDP Growth Rate QoQ
Q2 2014 1.2%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.50 2013-12-31 0.80 6.69 -7.57 0.19 2013-12-31 Percent [+]
GDP Annual Growth Rate 4.40 2013-12-31 4.30 12.60 -14.70 3.23 2013-12-31 Percent [+]
GDP Constant Prices 31244878.90 2013-11-15 32998647.40 32998647.40 14436128.60 30983256.01 2014-06-30 TRY THO [+]
Gross Fixed Capital Formation 7923527.50 2013-11-15 7444591.60 7923527.50 82266.40 7786018.49 2014-03-31 TRY THO [+]
Gross National Product 30561324.60 2013-11-15 32442970.00 32442970.00 14600600.00 29412324.74 2014-03-31 TRY THO [+]
GDP per capita 8492.61 2012-12-31 8413.32 8492.61 2315.94 8900.13 2014-06-30 USD [+]
GDP per capita PPP 13737.22 2012-12-31 13608.95 13737.22 5986.22 14396.41 2014-06-30 USD [+]
GDP 789.30 2012-12-31 774.80 789.30 8.00 830.38 2014-06-30 USD Billion [+]
[+]


Turkey GDP Expands 0.5% in Q4

Turkey's seasonal and calendar adjusted GDP advanced 0.5 percent in the last quarter of 2013, while GDP growth reached 4.0 percent in 2013.

In the last three months of 2013 the economy slowed for the second straight quarter, down from a revised 0.8 percent in the previous period and 2.0 percent in the second quarter of 2013 when the GDP grew the most since the first quarter of 2011.

Considering full 2013, the GDP accelerated from a revised 2.1 percent in the previous year.  

On the production side, growth was mainly driven by manufacturing (3.8 percent) followed by agriculture (3.1 percent), wholesale and retail trade (4.9 percent), information and communication (3.4 percent), financial and insurance services (9.8 percent). In contrast, the mining sector shrank 3.5 percent after growing 0.8 percent in 2012.

Turkstat | Isabel Felino | Isabel.felino@tradingeconomics.com
3/31/2014 1:06:49 PM

RECENT RELEASES

Turkey's GDP Grows 0.9% QoQ in Q3
In the third quarter of 2013, the Turkish seasonal and calendar adjusted gross domestic product expanded 0.9 percent quarter-on-quarter, down from 2.0 percent in the previous quarter. Published on 2013-12-10

Turkish GDP Up by 2.1% QoQ in Q2
In the second quarter of 2013, Turkey's seasonal and calendar adjusted gross domestic product expanded 2.1 percent quarter-on-quarter, up from 1.5 percent in the previous quarter. This is the fastest quarterly growth since Q1 of 2011. Published on 2013-09-10


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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Turkey’s annual inflation rate accelerated to 8.39 percent in March of 2014, from 7.89 a year earlier and 7.29 percent recorded in February of 2014, as food and transportation costs edged up. This is the highest rate in eight months.
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Turkey’s trade deficit decreased in January of 2014, to USD -6.8 billion from USD -7.3 billion a year earlier and USD 9.9 billion in December of 2013. Exports to the European Union increased by 13.7 percent with Germany as the main exports’ partner and Russia as the top country for imports.
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