Turkish economy shrinks by 9.9 pct in second quarter of 2020
Turkey's economy shrank by 9.9 percent between April and June compared to the same period last year, Turkish Statistical Institute (TÜİK) reported on Aug. 31. While less precipitous than expected, the drop in gross domestic product (GDP) was still historic compared to the first quarter at a seasonally and calendar-adjusted 11.0 percent, according to TÜİK.
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.
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