The Turkish economy shrank by 9.9 percent in the second quarter of 2020 from the previous three-month period, the Turkish Statistical Institute (TÜİK) reported on Aug. 31.
Gross domestic product (GDP) at current prices amounted to 1.04 trillion Turkish Liras ($153.18 billion) between April and June, a seasonally-adjusted contraction of 11 percent.
Turkey's agricultural industry grew by four percent, while the services industry shrank a dramatic 25 percent and industrial production diminished by 16.5 percent.
While state expenditure dropped by 0.8 percent from a year ago, while state capital shrank by 6.1 percent.
Experts predict an annual contraction of 1.8 percent in the Turkish economy in 2020, state-run Anadolu Agency reported.Economic wreckage due to ‘votes erosion syndrome’ of the AKPTurkey's Central Bank halves limit on overnight interbank money loans